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Oil trades at more than 8-month high on COVID vaccine optimism, political clarity

Oil futures rise sharply Tuesday, with the U.S. and global benchmarks both closing at levels last seen before a market swoon in March, as investors cheer progress toward a COVID-19 vaccine and the White House removes a roadblock to a smooth transition for the incoming Biden administration. 19 min ago

U.S. oil benchmark closes at more-than-8-month high just shy of $45 a barrel

Oil futures rallied sharply Tuesday, pushing the U.S. benchmark to its highest close for a most actively traded contract since March 5. West Texas Intermediated crude for January delivery rose $1.85, or 4.3%, to end at $44.91 a barrel on the New York Mercantile Exchange. Oil has been in rally mode since early November, rallying in step with equities as investors appeared to look past rising COVID-19 cases in the U.S. and Europe, focusing instead on progress toward a vaccine. 2:53 p.m. Today

How Coronavirus Bailouts Could Help Spur Greener Air Travel

As much of the aviation industry fights to survive the coronavirus pandemic, some economists and engineers see the crisis as an opportunity to use stimulus funds to propel air travel to a carbon-neutral future. Photo illustration: George Downs video content 5:30 a.m. Today

Commodities Headlines

Enel unveils strategy for 2021 to 2030

Enel SpA on Tuesday unveiled its strategy for the 2021-2030 period, focusing on sustainable growth and the acceleration of the energy transition. The Rome-based energy company said it expects adjusted earnings before interest, taxes, depreciation and amortization--ordinary Ebitda--to increase at a 5% to 6% compounded annual growth rate over the next 10 years.

2:32 a.m. Today
Brent crude oil sees highest finish since March as positive vaccine news mounts

Oil futures end higher Monday, finding support as progress continues toward a COVID-19 vaccine.

3:37 p.m. Nov. 23, 2020
Energy sector sees broad, sharp gains as crude oil prices head for 3-month high

The energy sector enjoyed a broad, and in many cases sharp, rally in afternoon trading Monday, as crude oil prices rose to a 3-month high on increasing hopes that a potential COVID-19 vaccine would fuel and economic recovery and spark demand for oil. The SPDR Energy Select Sector exchange-traded fund ran up 5.8%, toward the highest close since Aug. 17, with all 25 of its equity components trading higher. The ETF was biggest gainer of the 11 SPDR sector ETFs tracking the S&P 500's 11 key sectors. The biggest gainers were Occidental Petroleum Corp.'s stock , which soared 15.5%, and Diamondback Energy Inc.'s stock , which shot up 10.8%. Crude oil futures climbed 1.5% to $43.05, toward the highest close since Aug. 26. Among other more-active stocks in the energy ETF, shares of Marathon Oil Corp. hiked up 6.6%, Exxon Mobil Corp. advabced 5.4%, Kinder Morgan Inc. climbed 2.8% and Halliburton Co. hiked up 9.0%. In comparison, the S&P 500 tacked on 0.4%.

2:47 p.m. Nov. 23, 2020
DPW's stock skyrockets after Coolisys EV charger sub sets up fast-food franchisee partner program

Shares of DPW Holdings Inc. rocketed 163.9% on massive volume in midday trading Monday, enough to make them the best performer on major U.S. exchanges, after the investor in disruptive technologies said its Coolisys Technologies Corp. subsidiary established a program to get its electric vehicle (EV) chargers into national fast-food restaurants. Trading volume soared to 145.6 million shares, compared with the full-day average of about 2.6 million shares. DPW said it expects the program to allow owners of fast-food franchises to install the ACECool EV chargers and share in the revenue from advertising and network usage. Coolisys expects to launch the program in California, Nevada and Canada, with the unveiling of "a national fast-food network" partner, that forms a part of the network with over 1,000 locations. Other partners are expected to be announced in the first quarter of 2021. "We look forward to the potential changes coming from increased demand for EVs and the recent trends related to government support of the electrification of transport," said Coolisys Chief Executive Amos Kohn. DPW's stock has run up 189.7% over the past three months, while shares of rival EV charger company Blink Charging Co. has rocketed 327.9% and the S&P 500 has gained 4.9%.

12:30 p.m. Nov. 23, 2020
RWE to sell minority stake in U.K. wind farm

RWE AG said Monday that it has agreed to sell a 49% stake in U.K. offshore wind farm Humber Gateway to Greencoat UK Wind PLC for a total cash consideration of 648 million pounds ($860.7 million). The German energy company said the divestment is part of its capital rotation program and proceeds will be used to expand its renewable-energy business.

2:28 a.m. Nov. 23, 2020
COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its efforts will come up short if demand drops faster than supplies.

3:52 p.m. Nov. 21, 2020
Green hydrogen is opening doors for higher platinum demand

Platinum is one of the few metals that's on pace to end the year with a loss, even as global supplies of platinum are expected to fall short of demand this year on the back of pandemic-related production disruptions, a rebound in automotive use and, notably, growing interest in clean sources of energy.

8:34 a.m. Nov. 21, 2020
Thanksgiving could see almost half as many travelers, despite the lowest seasonal gas prices in 4 years

Travel plans understandably have taken a hit from the economic restrictions to stem the spread of COVID-19, but as Thanksgiving approaches, experts estimate as much as a 45% drop in the number of holiday travelers compared to last year, even with Americans expected to pay the lowest gasoline prices for the season since 2016.

8:19 a.m. Nov. 21, 2020

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