Bloomberg BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden. “This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said on Tuesday by phone. “And it ...

Bloomberg Saudi Arabia plans to turn hundreds of kilometers of untouched Red Sea coastline into a global tourism destination governed by laws “on par with international standards,” as part of its goal to transform the economy and reduce its reliance on oil. The Red Sea project will cover 34,000 square kilometers — an area bigger than Belgium — between the ...

Bloomberg Oil held gains above $50 a barrel before US government data forecast to show crude stockpiles extended declines, trimming a glut. Futures rose as much as 0.5 percent in New York after climbing 9.6 percent the previous six sessions. Inventories probably fell by 3.3 million barrels last week for a fifth weekly drop, according to a Bloomberg survey before ...