News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Oil Prices Climb to Eight-Month High

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U.S. oil prices settled at the highest level in eight months, as optimism over the rebalancing of the global oil market continued to boost prices.

Vistra Energy, Dynegy to Merge

Vistra Energy and Dynegy, two large independent power producers, will merge in an all-stock deal, the companies said Monday.

FBI Is Probing Puerto Rico Power Contract

The FBI is investigating a $300 million contract Puerto Rico's power authority awarded to a tiny Montana energy firm to repair the grid devastated by Hurricane Maria.

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Longtime Ally of Offshore Drillers Oversees Safety Agency

As offshore drillers look to undo Obama-era safety rules, the head of the federal agency responsible for improving safety wants to stress safety but also to "drive performance" in the industry.

LME Revs Up for Electric Cars With New Contracts for Battery Metals

The London Metal Exchange is planning to launch futures contracts for battery metals as early as the start of 2019, the latest example of how the commodities market is hoping to capitalize on the push toward electric vehicles.

GE Board Was Kept in the Dark About CEO's Extra Plane

General Electric executives didn't notify the company's board until this month about its regular flying of a spare business jet for its CEO, and it didn't tell directors that GE had received an internal complaint about the practice several years ago.

Puerto Rico Governor Cancels $300 Million Power Contract

Puerto Rico's governor said he would cancel a controversial $300 million construction contract with a little known-Montana energy firm after FEMA said it had "significant concerns."

Saudis Back More Supply Cuts in Support of Oil Prices

Saudi Arabian Crown Prince Mohammed bin Salman said he backs limiting crude-oil output beyond an agreement among big oil producers that currently extends through March 2018.

Oil Giants' Profits Soar, but Investors Aren't Sold

The world's biggest Western energy companies, including Exxon Mobil and Chevron, are on track to post the highest annual profits since the oil market crashed three years ago. Still, shareholders want to see more.

Brazil Oil Auction Beats Expectations

Oil executives and government officials were ebullient following the conclusion of a major oil auction in Brazil, where a yearlong effort to lure foreign investment into the energy sector appeared to have paid off.

(END) Dow Jones Newswires

October 30, 2017 16:15 ET (20:15 GMT)