The United Steelworkers union on Friday said proposals by energy giant BP Plc would undermine its 56-year-old national program for refinery and chemical plant worker contracts.
Royal Dutch Shell (RDS/A) will supply crude to the 340,000-barrel-per-day Deer Park refinery for at least 15 years, as part of the sale of its stake in the Texas facility to Mexico's Pemex, according to a source and document on the transaction.
The Baltic Exchange's dry bulk sea freight index fell for a tenth straight session on Thursday, touching its lowest level in about a year, on waning demand across all vessel segments. * The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 96 points, or 6.1%, to 1,474, its lowest since February 2021.
Already less transitory than forecast, central bankers' inflation headache may be about to become more acute as they face the prospect of $100-plus oil that lifts consumers' price expectations and intensifies simmering wage hike pressures. Brent crude futures, which soared 50% in 2021, are up a further 14% already in 2022 at seven-year highs of $89 a barrel.
Two members of former Kazakh president Nursultan Nazarbayev's extended family have resigned from the leadership of state oil and gas shipping companies, the Central Asian nation's sovereign fund said on Saturday.
* U.S. economy can withstand Omicron surge, says Powell. * API data shows U.S. crude stocks down. * EIA U.S. inventory data due on Wednesday. By Shadia Nasralla and Noah Browning. Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant.
As U.S. President Joe Biden's administration seeks to revive its ambitious social spending and climate plan in Congress, environmental groups and the farm industry are at odds over proposed subsidies aimed at offsetting agriculture's substantial contribution to global warming.
China's factory-gate prices rose more slowly than expected in December after government measures to contain high raw material prices, official data showed on Wednesday, leaving room for easing monetary policy. Consumer price inflation also slowed last month as food prices fell, the National Bureau of Statistics said in a statement.
* Crude extends 2021 rally. * Libyan oil output rises, but Es Sider exports suspended. * U.S. crude inventories expected to fall for seventh week. * Coming up: API supply report, 2130 GMT. By Arathy Somasekhar.
-Oil analysts have lowered their price forecasts for 2022 as the Omicron coronavirus variant poses headwinds to recovering fuel demand and risks a supply glut as producers pump more oil, a Reuters poll showed on Friday. A survey of 35 economists and analysts forecast Brent crude would average $73.57 a barrel in 2022, about 2% lower than $75.33 consensus in November.
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