U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
Brent and West Texas Intermediate crudes rose to five-week highs as tension escalated between Ukraine and Russia, the world’s biggest energy exporter. Brent’s premium to WTI widened for the first time in seven days.
Iran anticipates maintaining crude exports at about 1 million barrels a day until at least July when a deal with global powers over its nuclear program will be renewed or expire, the nation’s deputy oil minister said.
Brent crude advanced as escalating tensions between Ukraine and Russia, the world’s biggest energy exporter, offset the potential for increased Libyan supply. West Texas Intermediate traded between gains and losses.
Mexico’s peso posted its biggest weekly drop since January as the country’s political parties wrangled over rules for opening up the energy industry, fueling concern that so-called secondary laws may be delayed.
Argent Energy Trust, a Calgary- based producer of oil in Texas, fell to a record low after cutting payments to investors as Canadian foreign-asset income trusts lag energy-industry peers and come under scrutiny.
Mexico is luring a rising amount of exchange-traded fund flows, signaling President Enrique Pena Nieto’s energy-industry overhaul is helping differentiate the Latin American nation from its biggest regional peer.