WTI crude nears Brent valuation as U S oil demand accelerates worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) China’s efforts to rein in surging commodities prices are likely to be in vain as it’s lost the ability to boss the market around, according to two of Wall Street’s biggest firms.The speed of the rebound in demand in advanced economies, particularly the U.S., means China is no longer the buyer dictating pricing, Goldman Sachs Group Inc. analysts led by Jeff Currie, the bank’s global head of commodities research, said in a note.That view was echoed by his equivalent at Citigroup Inc., Ed Morse, who said in a Bloomberg Television interview Friday that despite China’s efforts to curb price gains, the real supply-demand balance prevails.The largest buyer of many commodities, China has been trying to temper the rally due to fears over inflation. Its actions have had some success, with local iron ore prices down more than 20% since May 12. But other raw materials have been more difficult to manage. The Bloomberg Commodity Spot Index is only do