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Oil Pares Biggest Quarterly Gain Since 2009 Amid Rebalancing

Posted by Chris Advincula on Jun 30, 2016 6:45:56 AM

(June 30 Bloomberg) Oil headed for the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global surplus is easing.

Futures fell in New York, ending two days of gains. Still, oil is headed for its best quarterly advance since June 2009. U.S. crude stockpiles dropped to the lowest since March and output fell a third week, the Energy Information Administration said Wednesday. Oil has whipsawed after the U.K.'s vote to leave the European Union and slipped Thursday as Goldman Sachs Group Inc. said a recovery in Nigerian supply is a risk to its $50 a barrel forecast for the second half of the year.

Click on the link below to see the full story from Bloomberg: (by Heesu Lee and Caroline Alexander)

Oil Pares Biggest Quarterly Gain Since 2009 Amid Rebalancing

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Topics: commodities, crude oil, WTI, West Texas Intermediate, Brent

 

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