Oil prices rose by almost 1 percent on Tuesday, lifted by a weak dollar, tensions in the Middle East and concerns of a further fall in Venezuelan output. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.59 a barrel at 0656 GMT, up 53 cents, or 0.9 percent, from their previous close. Source: Reuters
- A movement supporting reparations as a way to make amends for the atrocities of slavery and to reduce the persistent wealth gap is gaining momentum.
- One hundred and forty-two members of Congress support H.R. 40, the bill to study reparations.
- William Darity, professor of public policy at Duke University, estimates a concrete program could cost the U.S. government between $10 trillion and $12 trillion. Source CNBC
The House passed President Biden’s $1.9 trillion stimulus plan early Saturday in a nearly party-line vote, advancing a sweeping pandemic aid package that would provide billions of dollars for unemployed Americans, struggling families and businesses, schools and the distribution of coronavirus vaccines. Source MSN
Exxon Mobil erased almost every drop of oil-sands crude from its books in a sweeping revision of worldwide reserves to depths never before seen in the company’s modern history.
Exxon counted the equivalent of 15.2 billion barrels of reserves as of Dec. 31, down from 22.44 billion a year earlier, according to a regulatory filing on Wednesday. The company’s reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%. Source World OIl
