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Updated: 1 hour 29 min ago

Brent approaches $70 as oil prices rise for fourth day

Tue, 04/02/2019 - 20:37

Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and U.S. sanctions overshadowing an industry report showing an unexpected rise in U.S. inventories last week. "The production cuts by OPEC plus are providing a nice backdrop here for higher prices and until we see U.S. production reassert itself, the easier move is higher for oil," said Edward Moya, senior market analyst at OANDA. Supply from the Organization of the Petroleum Exporting countries hit a four-year low in March, a Reuters survey found earlier this week.


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Bleaching hits world's southernmost coral reef: scientists

Tue, 04/02/2019 - 20:32

The world's southernmost coral reef has been hit by bleaching this summer, Australian scientists said Wednesday, as they warned rising sea temperatures from climate change were affecting even the most isolated ecosystems. The corals off Lord Howe Island -- some 600 kilometres (370 miles) offshore from Sydney -- were affected by elevated temperatures this summer, despite escaping severe bleaching that damaged the Great Barrier Reef in 2016 and 2017. "It's a canary in the coal mine that we are seeing bleaching at this very isolated southernmost reef, which is worrying," Associate Professor Bill Leggat of the University of Newcastle told AFP.


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