Crude oil and natural gas futures rallied on Thursday after the U.S. government reported the latest domestic storage data. According to the Energy Information Administration (EIA), U.S. crude oil inventories increased by 7.648 million barrels for the week ending Feb. 17, down from the previous week’s build of 16.283 million barrels. This was also higher…
Oil Prices Stabilize, but Rise in US Inventories Looms
LONDON—Oil prices stabilized on Thursday after Brent crude posted its biggest one-day loss for seven weeks in the previous session, with gains on Russian supply curbs capped by an expected rise in U.S. inventories. Brent crude futures rose 25 cents, or 0.3 percent, to $80.85 a barrel by 1004 GMT, compared with about $98 a…
Global Stocks Mixed After Fed Officials Support Higher Rates
February 23, 2023
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BEIJING—Global stock markets were mixed Thursday after notes from a Federal Reserve meeting showed officials expect more U.S. interest rate hikes to fight stubborn inflation. London, Shanghai, and Hong Kong declined. Frankfurt and Wall Street futures advanced. Japanese markets were closed for a holiday. Notes from the latest Federal Reserve board meeting showed members expect…
Australian Miner Gains Control Over US Lithium Giant’s China Assets
February 23, 2023
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U.S. lithium giant Albemarle will deepen control of Australian lithium mining assets after revamping its joint venture with Mineral Resources (MinRes). In turn, the Australian Mineral Resources will also gain partial control of two Chinese mining plants operated by Albemarle. In the new deal announced on Feb. 22, Albemarle will initially deepen control over two spodumene…
‘Overwhelming’ Support for Big Electric Vehicle Change
A diverse group of Australian organisations “overwhelmingly” support a policy that would encourage car makers to bring more electric vehicles into the country, a new report says. Greenpeace Australia released an analysis of 212 submissions to the National Electric Vehicle Strategy consultation, revealing 73 percent of all groups supported the introduction of a fuel efficiency…
UK Electric Vehicle Charging Points ‘Not Keeping Pace’ With 2030 Target, UK MPs Told
February 22, 2023
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MPs from all parts of Britain have called on the government to “step up” and increase the number of rapid electric charging points if they are to meet the demand expected over the next seven years. In 2020, Boris Johnson announced plans to phase out the sale of all new petrol and diesel cars and vans by…
UK Launches ‘Comprehensive’ Probe Into British Gas Over Forced Prepayment Meter Installations
February 22, 2023
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The UK’s energy regulator Ofgem has announced a “comprehensive, independent, and wide-ranging review” into British Gas after the firm’s subcontractors were revealed to be breaking into homes to fit prepayment meters. According to a report by The Times of London, some British Gas customers—including some who were disabled or mentally ill—had pay-as-you-go meters forcibly installed…
UK Opens ‘Comprehensive’ Probe Into British Gas Over Forced Prepayment Meter Installations
February 22, 2023
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The UK’s energy regulator Ofgem has announced a “comprehensive, independent, and wide-ranging review” into British Gas after the firm’s subcontractors were revealed to be breaking into homes to fit prepayment meters. According to a report by The Times of London, some British Gas customers—including some who were disabled or mentally ill—had pay-as-you-go meters forcibly installed…
US and Its Allies Will Tighten Screws on Russia’s Evasion of Sanctions, Says Treasury Department
February 22, 2023
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The United States and its allies will impose new sanctions this week on Russia in order to punish the Kremlin for the war in Ukraine. Deputy U.S. Treasury Secretary Wally Adeyemo announced on Feb. 21 further efforts to prevent Russia from evading sanctions and export controls, aimed at pressuring it to withdraw from its neighbor….
Oil Falls on Fuel Demand Woes Ahead of US Fed Comments
February 22, 2023
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LONDON—Oil prices fell for a third trading session on Wednesday as concerns about fuel demand were stoked by expectations that minutes due from the U.S. Federal Reserve will indicate a need to hike interest rates. Brent crude futures for April delivery fell $1.13, or 1.36 percent, to $81.92 a barrel by 1025 GMT. West Texas…
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