China, U.S. sign climate change memorandum

China and the United States signed a memorandum promising greater cooperation in tacking climate change, energy and the environment issues, but details were not disclosed and the document has not been publicly released, according to Reuters.

CFTC to move sharply on position limits in energy markets

Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, said Tuesday that the federal agency must seriously consider setting strict position limits in the energy markets, to avoid excessive speculation. Gensler has said he thinks speculation by investors contributed to the spike in oil prices last year.

BP, Valero report 2Q earnings

BP Plc and Valero Energy Corp. reported earnings for the second quarter reflecting the economic downturn has hit hard on the oil industry's fotunes. BP said its net replacement cost profit declined 53 percent in the second quarter totaling $2.92 billion. Valero reported today a loss of $254 million or 48 cents per share.