Julia Gillard, determined to join efforts to reduce global warming, intends to revive cap and trade as Europe puts curbs on the United Nations-run emissions credit market and the U.S. opts out entirely.
Oil slipped from the highest close in four days in New York as a downgrade of Japan’s credit rating and forecasts of growing crude stockpiles in the U.S. fanned concern slowing economic growth will reduce demand.
Oil fell in New York, heading for a fourth weekly drop, as investors bet fuel demand will falter amid signs of weaker growth in the world’s biggest crude consumers. Brent traded at a record premium to U.S. prices.
U.K. purchases of thermal coal from the U.S. jumped in the first quarter as demand for the dirtier- burning fuel advanced and exporters took advantage of Britain’s ability to scrub sulfur dioxide from emissions.
Oil traded near the lowest in more than five weeks as concern the economic recovery is faltering in the U.S., the biggest crude consumer, countered speculation the Federal Reserve may start another stimulus program.