“The Morning Briefing” is SmartPlanet’s daily roundup of must-reads from the web. This morning we’re reading about the politics and price of the oil industry.
1.) China keeps buying Iran’s oil as U.S. and EU intensify sanctions. Oil tankers able to haul at least 20 million barrels of Iranian crude signaled for China in July, highlighting one of the challenges the U.S. and Europe face as they pressure the Persian Gulf state over its nuclear program.
2.) The case for China’s Canadian oil grab. China’s $15.1 billion bid to acquire Canada’s Nexen oil company threatens to turn China into an owner rather just a major buyer of Canadian oil, and prompts a surge in nationalist rhetoric that is attempting, misguidedly, to bring up the question of sovereignty.
3.) Oilprice interview: Which direction are oil prices headed? Is the Eurozone doomed? An interview with Mike Shedlock.
4.) U.S. oil demand up in May, first rise in 14 months. U.S. oil demand has risen by 142,000 bpd from previous estimates.
5.) Oil trades near week high on stimulus outlook, Mideast unrest. Oil traded near the highest level in a week in New York on speculation U.S. and European policy makers will act to boost growth and concern that unrest in the Middle East may spread and disrupt supplies.
Image credit: Steve Snodgrass