Oil Updates — Crude gains; TotalEnergies to buy stakes of Clearway; Petrobras shares drop following CEO ouster
RIYADH: Oil prices rose more than $1 on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the US, the world’s biggest crude consumer.
Brent crude futures for July rose $1.38, or 1.2 percent, to $114.94 a barrel by 0511 GMT. Brent futures gained 0.1 percent on Tuesday and are up for the fifth day.
US West Texas Intermediate crude futures for July delivery rose $1.35, or 1.2 percent, to $111.12 a barrel. The contract settled down 52 cents on Tuesday.
TotalEnergies to buy 50 percent of US renewables firm Clearway
TotalEnergies said on Wednesday it has agreed to buy 50 percent of Clearway Energy Group, the fifth-largest renewables company in the US, marking the French group’s largest US renewables energy acquisition.
TotalEnergies has been branching out into the fast-growing renewable energy sector and diversifying away from hydrocarbon-centered activities in recent years.
The company said the acquisition would see it team up with Global Infrastructure Partners. As part of the deal, GIP will receive $1.6 billion in cash and an interest of 50 percent minus one share in the TotalEnergies subsidiary that holds its 50.6 percent ownership in SunPower Corporation.
The transaction takes into account valuations of $35.1 per share for Clearway Energy and $18 per share for SunPower,…