New Petrobras CEO in Hot Seat on Fuel Prices With Oil Climbing
May 06 2021, 8:22 AM
May 05 2021, 9:38 PM
May 06 2021, 8:22 AM
(Bloomberg) Surging oil futures are set to test a promise by Petrobrasâ new chief to keep diesel prices at parity with the international market.
(Bloomberg) Surging oil futures are set to test a promise by Petrobrasâ new chief to keep diesel prices at parity with the international market.
Joaquim Silva e Luna, a former army general with no experience in oil, has said heâll keep retail prices competitive after Latin Americaâs largest crude producer lost an estimated $40 billion selling fuel below international levels during the most recent commodities supercycle. But if oil keeps climbing, heâs likely to come under pressure from politically influential truck drivers a critical base of support for President Jair Bolsonaro to start subsidizing diesel once again.
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NEW DELHI: India’s foreign minister Subrahmanyam Jaishankar, in Britain for G7 meetings, said on Wednesday he would hold his talks virtually after being exposed to possible coronavirus cases.
The foreign ministers of Britain, Canada, France, Germany, Italy, Japan and the United States are wrapping up three days of talks in London ahead of a G7 leaders’ summit next month in Cornwall in southern England.
India is not part of the Group of Seven wealthy democracies but was invited to the talks by Britain, which holds the rotating presidency of the group throughout 2021.
“Was made aware yesterday evening of exposure to possible Covid positive cases,” Jaishankar tweeted.
Oil Posts Strongest Open Since November as Rally Gathers Steam
May 05 2021, 6:54 AM
May 05 2021, 5:58 AM
May 05 2021, 6:54 AM
(Bloomberg) Oil extended a rally after U.S. stockpiles fell and investors applauded reopening drives in the U.S. and Europe that will aid demand.
(Bloomberg) Oil extended a rally after U.S. stockpiles fell and investors applauded reopening drives in the U.S. and Europe that will aid demand.
West Texas Intermediate surged 1.2% at the open, the most since Nov. 4, and gasoline futures hit the highest since July 2018. The American Petroleum Institute reported domestic crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by U.S. government figures on Wednesday, that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.
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