Oil in New York was unable to hold its advance above $50 a barrel last week as signs of rising global supply eroded optimism that output curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. Compliance with cuts was 86 percent in July, according to a Bloomberg survey. “The market has recovered strongly from its lows on signs that the market is normalizing, but further upside at this stage seems unlikely,” said Ole Sloth Hansen, head of commodity strategy at Saxo in Copenhagen. Click Read More below for additional detail.

Sun Chemical has formed a Food and Nutrition Group. The recently formed group will extend existing Sun Chemical and DIC Corporation expertise in color and algae cultivation to provide coloring solutions and nutraceutical ingredients to the dietary supplement, food and beverage industries. The Food and Nutrition Group was developed as part of DIC Corporation’s vision of transforming portfolios to achieve continued future growth. The group will leverage Sun Chemical’s advanced research and development coloring expertise to support new product development initiatives for both natural and synthetic food color. The research and development team at DIC Corporation headquarters is actively working with venture capital groups in developing bio-based nutraceutical ingredients, and Sun Chemical is committed to grow the new business group and will make additional investments to accelerate its growth.