Oil news and market movers: Mayhem helps hedge funds
- Bloomberg reports that Citigroup sees a big risk to a Libyan Oil disruption considering the recent local turmoil picking up with Israel.
- The above element is reflected in the Brent-Dubai spread in Crude prices, which is widening substantially.
- Meanwhile, Libya’s Waha Oil has said to start cutting its output gradually, Bloomberg reports, under a blockade of exports.
- China’s largest Crude refiner, Sinopec, is facing headwinds as the country’s economic slowdown weighs on its profits. The demand for Diesel especially remained poor, Reuters reports.
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