Energy Company Stocks Rise

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Shares of energy companies experienced a boost as oil futures closed with a mixed outcome. While U.S. prices saw a gain, global benchmark crude prices settled slightly lower.

Assessing China’s Economic Efforts and Monitoring Tropical Storm Idalia

Investors were focused on China’s latest attempts to strengthen its lagging economy. Additionally, they kept a close eye on the potential impact of Tropical Storm Idalia on crude and product output and demand in the Gulf of Mexico region.

China Petroleum & Chemical’s Net Profit Declines in First Half

China Petroleum & Chemical reported a decline of over 19% in net profit for the first half of the year. This was primarily attributed to weak demand for chemical and certain refinery products, including naphtha and petroleum coke.

Exxon Mobil Raises Concerns about Greenhouse-Gas Emissions

Exxon Mobil expressed that the global efforts to reduce greenhouse-gas emissions are not sufficient to prevent a temperature increase of more than 2 degrees Celsius by 2050. According to their annual outlook, carbon-dioxide emissions from fossil fuels and energy consumption are expected to decrease to 25 billion metric tons in 2050, a significant drop of 26% from the peak of 34 billion in the current decade.

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