Bloomberg: Oil costs caught between a $70 summer season and rising surplus fears

Bloomberg stories on the principle influences trapping oil costs.

Bloomberg is gated, however in short:

• Oil merchants grappling with pressure between warnings of a weakening market and robust present costs close to $70 a barrel.
• The Worldwide Vitality Company and the US Vitality Info Administration count on a surplus of oil subsequent yr, with the IEA projecting a surplus of two million barrels a day.
• In line with Francisco Blanch, head of commodities and derivatives analysis at Financial institution of America Corp, the excess within the second half of the yr will finally weigh on costs.
• France’s TotalEnergies SE warned the market is going through plentiful provide because the OPEC+ group unwinds output curbs, whilst slowing international development weighs on demand.
• Norway’s Equinor ASA mentioned its new Johan Castberg area is working at full capability
• Brazilian offshore asset beginning quickly, further barrels anticipated outdoors OPEC

This text was written by Aaron Cutchburt at investinglive.com.