Crude-oil futures rose to a fresh five-week high of nearly $60 a barrel after Nigeria’s state oil company declared force majeure on crude cargoes as part of a government directive to cut output.
Here is Friday’s roundup of oil and energy news:
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CARBON CONTEST: Sir Richard Branson announced a $25 million prize for the scientist who comes up with a way to extract greenhouse gases from the atmosphere, comparing it to the 17th-century quest to revolutionize navigation by determining longitude. The Virgin Group chairman was joined by former Vice President Al Gore and other leading environmentalists as he announced the challenge to find the world’s first viable design to capture and remove carbon dioxide from the air.