Rig

Speaking CNBC-TV18, Dave Ernsberger of Platts said that the demand for crude is growing faster than expected. Stockpiles of oil are not falling as fast as markets had expected, he said.

Oil surges 8% as US rig count plunges, shorts cover

In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than USD 53, its highest in more than three weeks, after Baker Hughes data showed the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week.

Shipping outlook bleak; offshore biz robust: GE Shipping

G Shivakumar, CFO, GE Shipping, says that the outlook does not look very good on the shipping side. Our earnings have been very low in dry bulk. The offshore continued to be quite strong over the last couple of years, especially driven by the price of oil and the kind of developments that is happening offshore.