Oil prices edged lower on Monday as the recovery of a major U.S. pipeline network eased concerns over supply and a new wave of COVID-19 restrictions in Asia fuelled fears of lower demand. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline's 5,500-mile (8,900-km) system recovered from a crippling cyberattack. Brent crude oil futures were down 8 cents, or 0.1%, at $68.63 a barrel as of 0036 GMT, and West Texas Intermediate (WTI) crude was down 7 cents, or 0.1%, at $65.30.
Oil prices have been scorching hot this year. Three that stand out to our energy contributors for their ability to prosper on higher oil prices are Total (NYSE: TOT), ConocoPhillips (NYSE: COP), and Devon Energy (NYSE: DVN). Reuben Gregg Brewer (Total): One of the biggest reasons to like French integrated oil giant Total is that it is charting a middle ground course toward the energy future.
The power station that sparked controversy over a bitcoin mining expansion plan will also invest in renewable energy projects.