Energy Update
NEW YORK, May 11 (Reuters) - The top lawyer in the U.S.
LONDON, May 11 (Reuters) - Oil's sharp rally since the middle of March has been driven by a race among bearish hedge funds to cover loss-making short positions rather than any great bullishness about the outlook.
Prices in the $3-trillion-plus global petrochemicals market climbed 10% month over month in April, posting the first double digit increase since February 2012.
BELO HORIZONTE, BRAZIL, May 11 (Reuters) - Anglo American may increase capacity at its Minas-Rio iron ore mine in Brazil by nearly 10 percent, a move that could cut unit costs at the troubled $13 billion project, the company's Brazil chief executive said on Monday.
May 11 (Reuters) - Castleton Commodities International will buy Morgan Stanley's physical oil business, vaulting the Connecticut-based merchant into the big leagues of global crude and fuel traders.
BRASILIA, May 11 (Reuters) - Brazil could offer an improved rate of return for investment in multibillion-dollar projects aimed at overhauling its aging infrastructure and ease requirements as it seeks to lure more private capital, five officials close to policy talks told Reuters.
May 11 (Reuters) - Morgan Stanley said it would sell its Global Oil Merchanting business to Castleton Commodities International LLC, a privately held U.S. energy merchant, for an undisclosed sum.
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