Bloomberg Prices have sunk, stockpiles ballooned and doubts about OPEC’s effectiveness grown, yet Wall Street hasn’t lost faith in oil’s recovery. Crude plunged below $50 a barrel in New York last week on signs that OPEC’s production cuts aren’t clearing a global glut quickly enough, and that US shale drillers are ready to fill in any shortfall. Nonetheless, Goldman ...

  Bloomberg California utilities are losing business to local power authorities that were created to deliver clean power to residents. Pacific Gas & Electric Co., the state’s biggest utility, expects to lose about 7.3 percent of its electric load this year, and potentially 21 percent by 2020, to these so-called community choice aggregators, according to Moody’s Investors Service. The shift ...

  Bloomberg India is set to become a net exporter of steel for the first time in four years, reversing a trend that saw domestic mills battling a flood of cheap imports, according to the Indian Steel Association. Shares of producers surged in Mumbai. “This is a very positive development and it would indicate that the Indian steel industry is ...