Castleton Commodities International will buy Morgan Stanley's (MS.N) physical oil business, vaulting the Connecticut-based merchant into the big leagues of global crude and fuel traders.
Energy
Oil prices rise after Islamic State advances in Iraq
Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country.
U.S. gas prices up 22 cents over past three weeks: survey
The average price of a gallon of regular-grade gasoline in the United States rose 22 cents over the past three weeks to $2.82, according to a Lundberg survey released on Sunday.
Oil steadies below $67 as global glut builds L
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
Oil ends down despite U.S. crude draw; stockpiles still hefty
Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude.
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Oil edged lower on Monday on signs that a multi-week rally was encouraging a rejuvenation in already bloated U.S. shale supplies, even as the government expected less output in June from the fastest-growing fields.
China overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.
Officials of the six-nation Gulf Cooperation Council agreed at the weekend to keep working toward the introduction of a value-added tax around the region, in a sign that low oil prices may be strengthening support for the idea.
Crude oil prices edged down on Friday, set for their first weekly decline in more than a month as concerns over a global supply glut outweighed strong Chinese crude imports.
Oil prices tumbled 3 percent on Thursday as a resurgent dollar erased gains from the past two sessions, setting the market up for its first weekly loss in five.
Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.
Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar.
Royal Dutch Shell (RDSa.L) has agreed a 10.07 billion pound ($15.28 billion) bridge loan from a group of relationship banks backing its 47 billion pound takeover of smaller rival BG Group (BG.L), the company announced on Friday.
Royal Dutch Shell is pushing ahead with plans to explore for oil in the Arctic Ocean near Alaska this summer despite opposition from environmental groups.
