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7/6, 7:13 PM (Source: TeleTrader)
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Oil plummets as Scholz confirms faster energy transition

German Chancellor Olaf Scholz insisted on Wednesday that his country has to increase the pace of the transition toward green energy due to the crisis caused by Russia's invasion on Ukraine.

"Energy policy is not just a question of price. The energy policy is also a security policy... That's why we now have to turbo charge the expansion of renewable energy," Scholz said while addressing an event organized by the Renewable Energy Association.

The prices of crude oil declined to under $100 a barrel, with negative sentiment boosted by the news that Norway resumed oil output and markets hinting at slower demand prompted by recession fears.

Baha Breaking News (BBN) / ND