Energy
North Sea Oil Suddenly Has More Sellers Than Buyers After Surge
The processing, drilling and production platforms stand in the North Sea.
Photographer: Carina Johansen/BloombergTraders lined up to sell oil in a key pricing window that until recently had been the epicenter of bidding in the global oil market.
There were seven offers for barrels either produced in or delivered to the North Sea on Wednesday, according to traders monitoring a pricing window run by a unit of S&P Global. There were only two bids, both of which were withdrawn. It’s the first time offers have outpaced bids since March 16.