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Article 4199
Insurers risk financial stability through energy holdings, report says

U.S. insurers are risking financial stability by holding $459 billion of energy-related investments without considering the “broad and deep” threat that climate change poses to the assets, according to an environmental advocacy group. Ameriprise Financial Inc., Lincoln National Corp. and Voya Financ ...

Crude heads for first gain in a week

Oil traded above $48 a barrel, heading for the first gain in a week before U.S. government data forecast to show crude stockpiles declined, easing a glut. Futures rose as much as 0.8 percent in New York, recouping an earlier decline of as much as 0.9 percent. U.S. crude stockpiles,  which are near a ...

Oil sands operations prepare for restart after wildfire

All of the Canadian oil-sands facilities that workers fled last week as a wildfire spread are being allowed to prepare for restart as cool, humid weather has helped contain the inferno. Alberta lifted mandatory evacuation orders for the last of the accommodation and production sites on Monday, which ...

OPEC president: ‘Fair price’ for oil badly needed

The oil market is slowly recovering from its steep drop over the past two years but crude is still not trading at a “fair price” to encourage necessary investment, Qatar’s energy and industry minister said Tuesday, ahead of next week’s meeting of OPEC producers. Speaking to T ...

Don’t expect $100 a barrel oil, says energy minister

The oil market is rebalancing, but don’t count on ever seeing prices at $100 a barrel again: that’s the clear message from Norway’s petroleum and energy minister. Brent crude has surged more than 70 percent from a 12-year low earlier this year as a global glut shows signs of easing, bringing relief ...

Sad reasons to be optimistic about oil rally

Investors have some sad reasons to be optimistic about oil prices. Outbreaks of violence in Nigeria, export troubles in a divided Libya and wildfires ripping across the Canadian oil sands are reviving wagers that crude markets will tighten. Speculators’ net-long position in benchmark U.S. crude, a m ...

Traders financing floating oil storage

The waters between Singapore and Malaysia used to heave with wooden ships carrying exotic spices. Now the Straits of Malacca are filled with vessels carrying a very different sort of commodity. Oil traders awaiting a recovery in crude are turning to floating storage after benchmark Brent prices more ...

Oil slides for fourth straight day

Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires curbed output and Iran continued to raise exports amid a global surplus. July futures slid as much as 1.9 percent in New York. Cooler weather is helping to control a blaze in the heart of Canada’s oil-san ...

Oil posts second consecutive weekly gain

Oil fell Friday as the expiration of the June contract in New York spurred selling by traders who don’t intend to take delivery of barrels next month, but closed up for the week — the second consecutive weekly gain. West Texas Intermediate for June expired after falling 0.9 percent. Futures ar ...

Drillers pause in shutting down rigs

Oil explorers in the U.S. put a pause on their rig cancellations this week as improving technology and rising prices make some basins more profitable. Rigs targeting crude in the U.S. were unchanged at 318, after 10 were idled last week, Baker Hughes Inc. said on its website Friday. Explorers have d ...

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