Bloomberg Chinese refiners are snapping up low-price oil from all over the world as Asia’s largest economy emerges from a virus-driven slump. Varieties such as Alaska North Slope, Canada’s Cold Lake and Brazil’s Lula have been offered at steep discounts to global benchmark prices as sellers scrambled to secure buyers. Processors in China — where throughput is back to pre-virus ...

Bloomberg Austria became the second European country to eliminate coal power from its electricity grid and said it’s looking towards renewable energy to fuel future economic growth. Verbund AG closed its Mellach coal-fired district heating plant about 200 kilometres (124 miles) south of Vienna, the state-controlled utility said. Austria’s Environment and Infrastructure Ministry said eliminating coal will strengthen the country’s ...

Bloomberg The European Union (EU) predicted its trade with the rest of the world would slump by 525 billion euros ($570 billion), or almost 10%, this year as a result of the coronavirus pandemic. EU exports of goods and services will drop by 285 billion euros, or 9.2%, while imports of both will decline by 240 billion euros, or 8.8%, ...