Crude oil futures fell below $80 a barrel after Chinese banking rules raise fears the country might slam the brakes on growth.
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Crude oil futures neared $75 a barrel ahead of an expected decline in U.S. oil inventories, Bloomberg reports. China makes another move to ensure energy supplies, signing a deal with Venezuela to help develop offshore oil fields, in the WSJ Pundits everywhere are passing judgment on the climate-change deal reached in Copenhagen early Saturday. The market is too—and it isn’t mincing words. So maybe there was a last-minute breakthrough at Copenhagen after all—if not the big one. UPDATE : Here’s the accord. After keeping delegates in Copenhagen waiting while he huddled with a score of world leaders, seeking a last-minute breakthrough to the impasse at the climate talks, President Barack Obama finally gave his big speech , upon which rested so many hopes for progress at the star-crossed summit. Associated Press President Obama at the Copenhagen climate summit. Chinese authorities are upset about efforts by some developed nations to kill the Kyoto Protocol at the United Nations-sponsored Copenhagen climate change conference, China’s special envoy on climate change said Tuesday. Associated Press Yu Qingtai, China’s ambassador on climate change “The Kyoto Protocol is more important than any single negotiation. Crude oil futures rebounded to above $71 a barrel after yesterday’s fall in the wake of increased U.S. gasoline stocks, Bloomberg reports . Big oil producers are worried about future demand —especially if developing nations are serious about reforming their economies to use less energy This post was originally published at our fellow WSJ site, the China Real Time Report Jing Yang reports: China has lots at stake if Copenhagen climate change talks don’t come up with a comprehensive green energy package, including financing for two potentially huge growth areas–solar power and carbon capture. Its recent announcement on cutting carbon intensity , while falling short of binding greenhouse gas emissions caps demanded by some countries, shows China is ready to play a central role in the climate summit that started this week Crude oil futures fell to near $73 a barrel thanks to a stronger dollar and ahead of an expected increase in U.S. Now that the big Copenhagen climate change confab is underway, is the glass half-full or half-empty? Put another way, whose voice carries more weight—Lord Stern’s or the top Chinese climate negotiator |
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