Before plunging on Friday morning, oil prices had recovered somewhat from last week's crash, but the lack of demand from the SPR capped that rebound.
(Bloomberg) -- Jean Paul Prates, the head of Brazil’s state-controlled oil company, isn’t deterred by the world’s energy transition. He says Latin America’s largest producer should keep increasing fossil fuel output for decades to come.Most Read from BloombergDeutsche Bank Drops in Selloff Citi Describes as Irrational‘Zoom Towns’ Exploded in the Work-From-Home Era. Now New Residents Are Facing LayoffsRussia Seeks 400,000 More Recruits as Latest Ukraine Push StallsJack Dorsey’s Wealth Tumbles $52
Per reports, with backing of oil unions, the president of Brazil orders Petrobras (PBR) to halt the sale of assets, citing unfavorable conditions.