Crude-oil futures edged below $61 a barrel in light electronic trading on the New York Mercantile Exchange.
Here is Tuesday’s roundup of oil and energy news:
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ONE SURGE COULD FOLLOW ANOTHER: A U.S. “troop surge” in Iraq could trigger a surge in oil prices, too, warns Bank of America chief market strategist of global wealth & investment management Joseph Quinlan, according to a Washington Wire report. Mr. Quinlan figures a troop surge could “push oil prices closer to $70 a barrel, in the near-term, knocking the wind out of the financial markets and global economy.” Then again, oil touched nearly $80 a barrel last year without having much apparent impact on financial markets or the economy.
•Pinault Keeps Options Open: French investment-holding company Artemis, controlled by billionaire Francois Pinault, said it is keeping all its options open over a possible bid for Suez. The water-and-energy conglomerate is having trouble sealing its own $60.5 billion deal with another French company. It immediately demanded that Mr. Pinault be clearer about his intentions, the Financial Times reports (subscription required).
•Chicken Fat as Fuel Source: Only a tiny fraction of U.S. biodiesel is made from chicken fat, but that seems likely to change, the Associated Press reports. The rising cost of soy-bean oil — which accounts for roughly 90% of all biodiesel fuel stock — is pushing the industry to exploit cheap and plentiful animal fats.
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