BP Plc reached a $18.7 billion settlement to end five years of litigation following the 2010 Gulf of Mexico oil spill. It is the largest settlement with a single entity in U.S. history, the U.S. Department of Justice said.

Shale output in the United States will prove resilient to low oil prices likely to be prolonged by the prospect of half a million barrels per day of Iranian crude making its way back to the market.

Booming U.S. shale production helped cut OPEC’s global crude market share to a 12 year low last year.

China's apparent oil demand* in May increased 8.2% from a year earlier to 43.80 million metric tons (mt), or an average 10.36 million barrels per day (b/d).

Brazil’s Petrobras will cut its spending by 37 percent through the next four years in an effort to tame its enormous $110 billion debt.

“The steel jacket will also be one of the most complex ever built by the industry. Not only will we route the land-based power through the jacket, we’ll also be controlling the subsea water injection and exporting the field’s oil and gas from it,”

The U.S. Supreme Court refused to hear an appeal from oil majors BP and Anadarko Petroleum leaving intact a lower court ruling that makes the firms potentially liable for billions of dollars in fines for the disastrous oil spill in the Gulf of Mexico in 2010.

Russia’s top investigative body, the federal Investigative Committee, said on its website Tuesday that it wants to question Mr. Khodorkovsky about the murder of Vladimir Petukhov, the mayor of the Siberian city of Nefteyugansk, where Yukos had its biggest oil-production unit.

Greece moving down oil prices. Oil prices fell on Monday, with U.S. crude dipping below $59 per barrel to an almost three-week low, after Greece imposed capital controls as lenders refused to extend the country's bailout.

Natural gas faces growing competition from coal and renewable energy sources at a time when its potential demand growth is slowing down, an International Energy Agency official said. “The last large contracts for [LNG] were signed in 2014 just before oil prices collapsed. We believe it is still competitive, but there are risks,” said Laszlo Varro, who heads IEA’s gas, coal and power markets division.