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  Bloomberg Oil retreated from the highest close since July 2015 as focus shifted to expanding US crude stockpiles after OPEC and other producing nations agreed to cut output to stabilize the market. Futures slid as much as 1.7 percent in New York after climbing 6.5 percent over the previous four sessions. US inventories rose by 4.68 million barrels last ...

  Bloomberg Saudi Arabian Oil Co. signed contracts with US companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude. The Saudi state producer known as Saudi Aramco signed a contract with ...

  Bloomberg Sharply falling water levels at Mozambique’s Cahora Bassa dam, sub-Saharan Africa’s biggest hydropower plant, are threatening electricity supplies to countries including South Africa, which buys about a third of its output. Levels are the lowest Phil Bezuidenhout, a lodge owner at the dam, has seen in the 24 years he’s operated on its shores in the country’s northwest. ...

  Rome / AFP Italy’s parliament on Wednesday endorsed a new government tipped to be so short-lived that its inauguration was seen as the start of battle for the next election. Incoming Prime Minister Paolo Gentiloni’s new line-up, appointed after Matteo Renzi quit a week ago following a crushing referendum defeat, was approved by 169 votes for to 99 against ...

  Washington / AFP President-elect Donald Trump tapped former Texas governor Rick Perry, who once famously said he would abolish the Energy Department, to serve as its secretary Wednesday. The nomination puts Perry, the oil-rich state’s longest-serving governor, in charge of a vast array of energy oversight, including enhancement of nuclear security and science and innovation in the energy field. “As ...

  The Hague / AFP A Dutch court ruled on Wednesday that priceless Crimean art treasures loaned to an Amsterdam museum shortly before Russia annexed the peninsula in 2014 should go back to Ukraine. Four Crimean museums launched a joint legal bid in November 2014 to force the Allard Pierson Museum to return the historic collection of archeological artefacts, displayed in ...

  Sydney / AFP The United States will keep challenging Beijing’s “assertive, aggressive behaviour in the South China Sea”, the US Pacific commander said on Wednesday, as tensions between two powers rise over comments by Donald Trump. Admiral Harry Harris, head of the US Pacific Command, warned Washington would not accept Chinese control of the region, despite Beijing’s rapid development of ...

  London / AFP Britain’s divorce from the European Union could involve a transition arrangement “if necessary”, but a deal should be possible within 18 months, Brexit minister David Davis said Wednesday. The hardline eurosceptic told a committee of British lawmakers that such an arrangement could be struck “if it’s necessary, and only if it’s necessary” but that a deal ...

  Manila / AFP Philippine President Rodrigo Duterte has said he personally killed suspected criminals when he was mayor of a southern city to set an example for police. Duterte made the comments in a speech to businessmen as he discussed his campaign to eradicate illegal drugs, which has seen police and unknown assailants kill thousands of people since he became ...

  Indiana’s Thomas R. Marshall, who was America’s vice president 100 years ago, voiced — he plucked it from a Hoosier humorist — one of the few long-remembered utterances to issue from that office: ‘What this country needs is a good 5-cent cigar,’ which would be $1.11 in today’s currency. A century later, what the country needs is a $12 ...