Crude awakening
After intense negotiations and heated protests, nearly 200 nations, meeting at the United Nations' COP28 summit in Dubai, agreed to move away from fossil fuels.
The landmark deal to battle climate change entails "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science," the proposal reads.
Meanwhile, oil bulls are stuck in a rut as traders weigh softer yet persistent inflation and weakening demand from China. The West Texas Intermediate crude contract for January fell nearly 4% Tuesday, settling at $68.61 a barrel, while the Brent contract for February slipped more than 3.5% to $73.24. $Imperial Petroleum (IMPP.US)$ $Occidental Petroleum (OXY.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$
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