Oil prices hold above $60 a barrel

Posted on | May 25, 2009 | No Comments

Oil held above $60 a barrel in Asian trade today ahead of a meeting this week of the Organisation of Petroleum Exporting Countries (OPEC).

New York’s main futures contract, light sweet crude for delivery in July, was down 33 cents to $61.34 a barrel in morning trade. Brent North Sea crude for July delivery retreated 23 cents to $60.55.

Prices eased as investors cashed in on profits ahead of the OPEC meeting on Thursday.

Algerian oil minister Chakib Khelil was quoted over the weekend that he expected oil prices to hit $70 a barrel next year.

Miliband announces plans to reduce carbon footprint by 80% by 2050.

Posted on | May 19, 2009 | No Comments

UK government commits to cutting greenhouse-gas emissions by 80% by the middle of the century in a bid to tackle climate change.

Miliband told MPs that the tough economic conditions were not an excuse to “row back” on the commitment to tackle global warming.

He accepted the recommendations of the government-appointed Climate Change Committee, chaired by Lord Turner, which said last week that the UK ought to commit to an 80% reduction from 1990 levels for all greenhouse gases and covering all sectors.