Oil

Chevron plans to set greenhouse gas emissions targets and tie executive compensation and rank-and-file bonuses to the reductions.

The move, which will focus on the company's oilfields in America, is a first for a US oil major.

In December, Royal Dutch Shell said it would link executive compensation to reducing carbon dioxide emissions starting in 2020.

Chevron said that by 2023, it will reduce its methane and flaring intensity by 25% to 30% from 2016 levels, and said the goal would be added to the scorecard that determines incentive pay for around 45,000 employees.

"It's about the mindset and the culture of the company," said Chevron vice president Mark Nelson.

Reuters

Oil prices have fallen more than 2% amid concerns that global demand growth would slow this year.

A rebound from December lows has stalled on fresh worries about a trade war between the US and China.

Brent crude is down 2.2% and US crude futures are 3.05% lower.

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The US was the biggest exporter of oil to Britain in January, according to data from energy intelligence service Kpler.

It's thought to be the first time this has happened since the Suez crisis in 1956, although for a long time there was a ban in the US on oil exports, something lifted only in 2015.

The US supplied about one in every four barrels of crude oil processed in UK refineries last month, more than Norway, Russia and Nigeria.

The Financial Times, which first reported the Kpler data, quotes Professor Paul Stevens, a fellow at Chatham House.

“It’s geography - why sail further than you need to when the UK is the first big market the US can reach?” he says.

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Oil prices have fallen after disappointing US factory data sparked fresh concerns about a slowdown in the global economy.

Brent crude futures dropped 0.2% to $62.6 a barrel, and US West Texas Intermediate fell 1.4% to $54.48 a barrel.

Weighing on oil markets, US government data showed new orders for US-made goods unexpectedly fell in November, with sharp declines in demand for machinery and electrical equipment.

Oil prices had been buoyed by a new round of supply cuts from Opec and its allies.

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The FTSE 100 has continued to creep higher during the morning and currently stands up 18.57 points at 7,038.79.

Oil stocks have supported the index with both BP and Shell rising by about 1%. The oil giants have been boosted by an increase in the oil price, which has hit its highest level this year thanks to Opec-led supply cuts and US sanctions against Venezuela's petroleum industry.

At one point on Monday morning Brent crude touched $63.40 a barrel, the highest since 7 December.

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Oil prices have fallen by over 3% on Monday, after an increase in US crude drilling pointed to further supply growth, and the continuing US-China trade war meant investors lost confidence.

Brent crude oil futures are now down $1.70, or 2.8%, to $59.81 a barrel.

US West Texas Intermediate crude has fallen $1.58, or 3%, to $51.97 a barrel.