Oil prices settle at a nearly 4-week low as traders await outcome of OPEC+ meeting

Oil futures settle Tuesday at their lowest in nearly four weeks, with U.S. prices ending below $70 a barrel, as traders await a meeting of the Organization of the Petroleum Exporting Countries and its allies this weekend. 


 
Saudi Arabia, Russia Ties Under Strain Over Oil-Production Cuts

Tensions are rising between Saudi Arabia and Russia as Moscow keeps pumping large volumes of cheaper crude into the market, undermining Riyadh's efforts to bolster energy prices. 


 
Energy & Utilities Roundup: Market Talk

Find insight on natural gas prices, a potential change in the Spanish government, Hunting, SK Innovation, and more in the latest Market Talks covering the energy sector. 


 
Texas, a Clean-Energy Pioneer, Turns Against Renewables

The state welcomed wind and solar power for years, fueling rapid growth. Now Republicans want a rollback. 


 
Petrobras Requests Reversal of Decision to Block Exploratory Well

Petróleo Brasleiro said it has asked Brazil's environmental agency to reverse a decision it made to block the state-controlled oil company from drilling an exploratory well off the country's northern coast. 


 
Gas Prices Give Drivers a Reprieve Heading Into Memorial Day Weekend

Weak demand for fuel and low oil prices have pushed down gasoline costs after last year's record. 


 
Investments in Solar Power Eclipse Oil for First Time

Government spending, including Biden's Inflation Reduction Act, has helped drive a gap between clean-energy spending and fossil-fuel investments. 


 
United Utilities Profit Slides, Misses Consensus

United Utilities reported a 28% drop in underlying profit, reflecting lower consumption, higher inflation and increased operational costs. 


 
Atlantic Hurricane Season to Be 'Near Normal' in 2023, NOAA Predicts

The forecast calls for 12 to 17 named storms with winds of 39 mph or higher between June 1 to Nov. 30. 


 
U.S. Crude-Oil Inventories Drop by Most in 6 Months

U.S. inventories of crude oil saw their biggest decline last week since late November, dropping by 12.5 million barrels, while gasoline and diesel fuel supplies also fell.


(END) Dow Jones Newswires

05-31-23 0415ET