Bloomberg Oil retreated from the highest close since July 2015 in New York as record US crude inventories offset OPEC production curbs. Futures dropped 0.8 percent. US government data showed stockpiles rose 564,000 barrels to 518.7 million last week, the highest level in weekly data going back to 1982. Still, it was the smallest gain this year and coincided …

  Bloomberg OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market. Crude that’s rarely or never-before seen coming to Asia is now sailing from all over the globe to the region, with the door to the market seemingly held …

  Bloomberg In his first blog post since succeeding Rex Tillerson, the new head of Exxon Mobil Corp. focused on climate change, calling for a carbon tax to discourage use of polluting fuels. Chairman and Chief Executive Officer Darren Woods said a revenue-neutral carbon tax “would promote greater energy efficiency and the use of today’s lower-carbon options, avoid further burdening …