News Highlights: Top Energy News of the Day

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Crude futures eased in Asia Monday dragged by concerns whether ongoing production cuts by producers in the Middle East and Russia was enough to offset the increasing U.S. oil being pumped into the still oversupplied market.

EU Bolsters Support for Iran Nuclear Accord

The European Union rallied behind Iran's nuclear deal during a high-level visit to the country over the weekend, vowing to safeguard the accord despite U.S. threats to scrap it and pledging to support the Islamic Republic's economy.

Iran Signals It Is Prepared to Extend Oil-Production Cap

Iran signaled its readiness to cap its oil output until the end of the year in order to extend an OPEC-led agreement to cut production, backing Saudi Arabia's push to raise prices.

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Exxon, Chevron Earnings Point to Industry Recovery

The world's biggest oil companies are seeing their highest profits in more than a year, an early signal that they may be turning a corner on their long path to recovery.

Appeals Court Delays Case on Obama EPA Greenhouse Gas Rules

A federal appeals court put on hold a blockbuster case examining the Obama administration's signature environmental rules limiting greenhouse gas emissions from power plants, a boost for the Trump administration.

NextEra May Face Elliott Management in Deal Talks on Oncor

As NextEra Energy Inc. looks to salvage the $18.7 billion deal to buy Oncor Electric Delivery Co., the profitable operating subsidiary of bankrupt Energy Future Holdings Corp., the company will have to find a way to appease Paul Singer's Elliott Management Corp., which has recently taken a big position in Energy Future's debt, according to people familiar with the matter.

Norway Oil Fund Closes on $1 Trillion Valuation

Norway's sovereign-wealth fund, the world's biggest, moved closer to a $1 trillion valuation after announcing a 3.8% return on its investments in the first quarter of this year, helped by a strong performance from its stock-market portfolio.

Trump Signs Executive Order Easing Offshore-Drilling Regulations

President Donald Trump signed an executive order Friday to ease regulations on offshore drilling and eventually allow more to occur, particularly in the Arctic Ocean.

U.S. Oil-Rig Count Rises by Nine

The number of rigs drilling for oil in the U.S. rose by nine in the past week to 697, according to oil-field services company Baker Hughes Inc.

BP Earnings: What to Watch

BP is set to announce its first-quarter earnings before Tuesday's market open in London. A few deals at the end of last year should have already had an impact on the company's production volumes.

U.K. Regulator Launches Probe of KBR Tied to Unaoil

The U.K. Serious Fraud Office said it has opened an investigation into the local units of engineering company KBR Inc. over suspicions of bribery and corruption linked to its relationship with Monaco-based Unaoil S.A.M.

(END) Dow Jones Newswires

May 01, 2017 00:15 ET (04:15 GMT)