Patrick Pouyanne, chief executive of French oil and gas giant Total, said on Thursday prices could fall again by the end of the year due to fast growth in U.S. shale production. [nL8N1HS1YP] “The rebalancing in U.S. crude stocks may have got underway, but concerns about further gasoline builds are rife even as the U.S. summer driving season shifts up a gear,” said Stephen Brennock, an analyst with PVM Oil Associates.
In China, signs emerged that refiners were using record crude imports to produce more fuel such as gasoline and diesel than the country can absorb. [nL3N1HR20E] China’s March gasoline output rose 2.5 percent year-on-year to 11.2 million tons, the highest level since at least April 2014, China’sNational Bureau of Statistics said, adding to an Asian market that is already well supplied. [nL3N1HS1C4] (Additional reporting by Libby George in London, Henning Gloystein; in Singapore; Editing by Dale Hudson and David Gregorio) ((Julia Simon, email@example.com , +16462238925)) Keywords: GLOBAL OIL/ (UPDATE 6) Interactive Charts Default Setting Please note that once you make your selection, it will apply to all future visits to NASDAQ.com. If, at any time, you are interested in reverting to our default settings, please select Default Setting above.
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