Christopher DeLetto has been appointed Chief Financial Officer, effective immediately. Christopher has played a key role in advancing the company’s acquisition strategy and supporting long-term growth initiatives. Christopher succeeds his father, Ralph DeLetto, with whom he worked closely over the last year, and who generously shared his knowledge and experience to help prepare Christopher for this important leadership role. With a background in investment banking and private equity, Christopher brings strong financial expertise and strategic insight to MIDLAND. In his new role as CFO, he will oversee all financial functions of the company and play a key role in shaping MIDLAND’s strategic direction and continued growth. “Christopher has quickly become an important part of our leadership team,” said Mike Graves, President and Chief Executive Officer of MIDLAND. “He knows our business, he brings great financial skills, and he has a deep connection to MIDLAND’s history. Jim (O’Toole) and I are confident he’ll do a terrific job in his new role.”

Brent LCOc1 had gained 28 cents to $53.66 a barrel by 0952 GMT. U.S. West Texas Intermediate (WTI) crude futures Clc1 were up 15 cents at $48.81. “Hurricane Harvey was bearish for crude and speculators went massively short WTI but now there is a reversal to positions pre-Harvey. Strong margins are helping underpin crude ... gasoil is at its highest point this year,” Olivier Jakob of Petromatrix consultancy said. Many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are restarting. As of Tuesday, about 3.8 million barrels per day (bpd) of refining capacity, or 20 percent of the U.S. total, was shut. This compares with 4.2 million bpd at the height of the storm.

Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. Oil has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on Tehran over its nuclear activities. Click Read More below for additional information.