Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels

Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.

The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.

Developer shrinks five-year investment plans by £3bn blaming policy and planning delays

One of the UK’s biggest energy developers will cut its planned spending on new renewables projects in a blow to the government’s 2030 clean power targets.

SSE warned that it would be unlikely to meet its own renewable energy goals for the end of the decade after shrinking its five-year spending plans by £3bn to £17.5bn.