The recent oil rally is finally hitting the brakes, with prices retracing today on supply developments relating to Iraq and Nigeria, while vehement short-covering has brought financial positioning back from the ledge of bearish extremities. Hark, here are five things to consider in oil markets today: 1) Petronas, Malaysia’s state-run oil company, has seen its profits shrink 96 percent last quarter, as ongoing lower oil prices have crushed net income from 9.1 billion ringgit a year ago to 348 million in Q2. Petronas is looking to lower capital expenditure (sound familiar?) by 20 billion ringgit this year , increasing this to 50 billion over the next four years; it is likely to raise debt and draw down its cash reserves to cover spending. While Malaysia imports a considerable volume of heavier crude for its refineries, it exports its light sweet grades such as Tapis to […]