News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Saudi King Salman Ousts Nephew as Crown Prince, Installs Son

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King Salman named his son as the country's new crown prince, a move that carries far-reaching implications for the monarchy and the biggest economy in the Middle East.

Oil Returns to Bear Market

Oil prices are back in bear-market territory, frustrating OPEC members that cut production in an attempt to boost prices and renewing fears that falling prices could spill into stocks and other markets.

State Department Demands Saudis Prove Terror Allegations Against Qatar

The State Department questioned the motives of Saudi Arabia and other Arab countries that have imposed an embargo on Qatar, breaking from President Donald Trump's vocal support for those aligned against the country.

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La Paloma Creditor Looks to Seize Chapter 11 Case

LNV wants to force a sale of the California electric plant.

U.S. Oil Falls Into Bear Market Amid Worries Over Supply Glut

Oil prices fell to a new low this year, as investors remain skeptical about major oil producers' efforts to buoy the market by withholding petroleum supplies.

Total Pledges $1 Billion Investment in Iran Gas Field

France's Total plans to push forward with a $1 billion investment this summer in a giant Iranian gas field, the first commitment by a Western company to put real money into the Islamic Republic's re-emerging energy industry.

Big Oil Steps Up Support for Carbon Tax

Some of the world's largest oil companies and the country's biggest auto maker are joining a group that is pushing the U.S. government to tax carbon in an effort to slow climate change.

Rio Tinto Rejects Glencore's $2.5 Billion Offer in Favor of Yancoal

Rio Tinto rebuffed a $2.5 billion offer by Glencore for its Australian coal assets and recommended that shareholders approve a previous bid by a Chinese company.

U.S. Crude Oil Supplies Seen Decreasing

U.S. crude-oil inventories are expected to show a decrease of 2 million barrels in data due Wednesday from the Department of Energy. Gasoline supplies are expected to show a decrease of 100,000 barrels.

Ukraine State Energy Chief Praises Senate Measure on Russian Pipeline

The head of Ukraine's state energy company cheered the U.S. Senate's decision to take aim at a Russian gas pipeline to Germany in sanctions legislation last week and urged the Trump administration to penalize companies helping Russia execute the project.

(END) Dow Jones Newswires

June 21, 2017 04:16 ET (08:16 GMT)