Bloomberg Oil extended gains to trade near $39 a barrel in New York, buoyed by an industry report of a surprise drop in US crude stockpiles and advances in other financial markets. The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. That contrasts with an increase forecast in …

Bloomberg The European Union’s (EU) executive proposed toughening the bloc’s targets for fighting climate change in a move to cut industrial pollution and spur a green economic recovery. The 27-nation EU should tighten its emissions-cutting goal to at least 55% by 2030, European Commission President Ursula von der Leyen said on Wednesday. The current objective, agreed just six years ago, …

Bloomberg Deutsche Lufthansa AG is preparing for more drastic cutbacks in its global workforce and airline fleet than it previously planned, after a hoped-for recovery of air traffic fizzled out. Recent rules that forced travellers into quarantine have had a catastrophic effect on bookings, Chief Executive Officer Carsten Spohr told staff at a meeting, according to people in attendance. For …