The cut in the U.K.’s estimated oil revenue today shows how “precarious” government finances would be for an independent Scotland that relies on fossil-fuel taxes, according to British Chancellor of the Exchequer George Osborne.
Prime Minister David Cameron said remaining in the U.K. would give Scotland the “maximum benefit” from North Sea oil and gas reserves, as he clashed with nationalist leader Alex Salmond over independence.
Natural gas and oil led a gauge of commodities to a five-month high as a winter storm in the U.S. Northeast boosted fuel demand and coffee surged amid a drought in Brazil. The Standard & Poor’s 500 Index rose a third day.
General Electric Co. agreed to buy the well-support division of John Wood Group Plc for about $2.8 billion, adding equipment that helps extract more oil and gas from mature fields. Shares of both companies climbed.