Oil markets are fine on the supply side, but demand will be a problem into the next quarter.
West Texas Intermediate crude futures for October delivery rose 0.3% to $70.00 at 2:10 p.m. New York time, while Brent crude, the global benchmark, climbed 0.2% to $78.31.
Positive signals abounds on the charts of the transporter of crude oil and natural gas.
The next three months are seasonally strong for the energy sector, according to legendary market chartist Marc Chaikin.
Shareholders' demands for cash returns have led to dwindling investments in long-term energy projects, which may set the world up for a crude oil deficit in the next decade.
China's latest round of sanctions is about to make the pain real for many energy names.
BP is acquiring the shale oil and gas assets from BHP Billiton for $10.5 billion.
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