Rising oil prices are prompting forecasts of a return to $100 a barrel for the first time since 2014, creating both winners and losers in the world economy.
Oil headed for its highest settlement in a month as Russia signaled it’s weighing an extension to OPEC-led production cuts, offsetting concern rising U.S. production will exacerbate a global glut.
The Coastguard has billed the owner of an oil rig that ran aground in the Outer Hebrides for £400,000.
Beware the friendly Russian bear. While the world's biggest oil exporter has offered growls of support for a hard-won OPEC accord to cut output, that will probably amount to no more than mere noise. And without Russian participation, the agreement may lack teeth.
Oil dropped to a new 12-year low below $30 a barrel in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports.
A rapid appreciation of the U.S. dollar may send Brent oil as low as $20 a barrel, according to Morgan Stanley.