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.
•Carbon Crimes: Companies and individuals found responsible for environmental disasters should face criminal charges, the European Union’s executive said in proposing a measure that would punish serious offenses across the 27-nation bloc with up to five years in prison or a $975,000 fine.
&Slow Going: But it could be “many months, if not years,” before any of the European Commission’s proposals to restrict greenhouse-gas emissions make it to law books, Quentin Peel writes in the Financial Times.
•Buying on the Cold: It’s a good thing not many commodities traders live in Oswego County, New York, which is currently under about six feet of snow, or who knows how high oil prices would be, says MarketBeat.
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Andrew Tobias blogged about this last week, I thought it was a great tip!