(Bloomberg) -- Oil held a run of declines — after failing to sustain an early gain — amid continuing skepticism that the latest OPEC+ supply cuts will turn the market tide.Most Read from BloombergHow Suspects Laundered Billions in Singapore for YearsBonds, Stocks in Retreat as Rate Realism Seeps In: Markets WrapBitcoin Surges Past $42,000 as Crypto Rally Gathers SteamHere’s How to Invest in Gold as It Hits an All-Time HighAlaska Air Agrees to Buy Hawaiian in $1.9 Billion DealGlobal benchmark Bre
A consortium led by the Rockefeller Foundation has launched a pilot initiative to use carbon credits to retire a coal power plant in the Philippines before the end of its natural life, it said on Monday during the COP28 climate talks in Dubai. In the latest plan to be announced on the sidelines of the summit, the Coal to Clean Credit Initiative (CCCI), supported by Philippine energy company ACEN and the Monetary Authority of Singapore, said it aimed to use carbon credits to decommission the South Luzon Thermal Energy Corporation (SLTEC) plant by as early as 2030, a decade ahead of its current retirement date.
Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising.