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News Highlights: Top Energy News of the Day

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05/28/2018 | 10:16 am

Oil Tumbles as Major Producers Near Deal to Increase Output

Oil prices plunged as Saudi Arabia and Russia neared an agreement to increase oil production after more than a year of holding crude off the market.

Oil-rig Count Climbs by 15

The number of rigs drilling for oil in the U.S. rose by 15 in the past week to 859, according to oil-field services company Baker Hughes.

Pollution Worsens Around Shell Oil Spills in Nigeria

The environmental damage around the site of two Shell oil spills in Nigeria a decade ago has worsened significantly after years of delay to cleanup efforts, according to a report the oil giant has been accused of trying to shield from public view.

Oil Giants Target Free Riders

Russia and Saudi Arabia may bring an early end to their agreement curtailing oil production as market dynamics point to a switch. The end result: prices are heading lower.

Judge Seeks More Information from Oil Companies in Climate-Change Suits

A federal judge said he needed more information before deciding whether to dismiss lawsuits by San Francisco and Oakland alleging that five of the world's largest oil companies should pay to protect the cities' residents from the impacts of climate change.

Total Doubles Down on Arctic LNG

French oil giant Total will be taking a 10% stake in a massive Russian gas project that is expected to eventually produce 535,000 barrels of oil equivalent a day.

Europe to Clinch Cheaper Russian Gas With Gazprom Deal

The European Union settled its multiyear antitrust case against Gazprom, clinching promises of cheaper natural-gas flows from Russia as President Trump demands the bloc taps U.S. energy exports and cuts its dependence on Moscow.

Brazil Reaches a Pact in Truck Strike, but Big Union Rejects It

Brazil's government said it had reached an agreement with several truckers unions to suspend a four-day strike that has disrupted the economy, but one of the country's biggest drivers groups said it would continue the work stoppage.

Best-Paying Industry? It's Not Banking

More than 100 companies in the S&P 500-many in biotech and energy- routinely paid employees $100,000 or more in 2017.

U.S. Crude Oil Inventories Unexpectedly Rise

U.S. weekly crude inventories surprisingly increased by 5.8 million barrels, according to government data. Analysts had predicted supplies would fall by 2.2 million barrels.

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