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Chevron’s Mike Wirth sees oil prices getting “close” to reaching the $100-a-barrel level, the chief executive of the No. 2 US energy producer said in an interview on Bloomberg TV.

“Supply is tightening, inventories are drawing … the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl),” Wirth said on Monday.

Major producers Saudi Arabia and Russia have extended supply cuts to the fourth quarter, boosting oil prices to the highest level of 2023 on the prospects of a deficit as OPEC+ members continue to curb output.

Wirth said he sees some impact from higher oil prices on the US and global economy, but underlying drivers remain healthy.

“It’s a drag on the economy, but one that thus far the economy has been able to tolerate.”

Brent crude futuresrose 50 cents, or 5%, to $94.43 a barrel on Monday while US West Texas Intermediate crude futuressettled up 71 cents, 0.8%, at $91.48.

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Technology

Tesla teaser video sparks speculation of long-awaited Roadster or mass market model

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Tesla teaser video sparks speculation of long-awaited Roadster or mass market model

Elon Musk, CEO of SpaceX and Tesla, attends the Viva Technology conference at the Porte de Versailles exhibition center in Paris on June 16, 2023.

Gonzalo Fuentes | Reuters

Tesla posted a teaser video on X sparking speculation that the electric carmaker could be gearing up to release a new car.

The first video posted on Sunday shows a spinning component which many online said could be an internal component of a vehicle. The video ends with the numbers “10/7,” indicating Tuesday’s date.

A second video also posted on Sunday shows just the headlights of a car.

The teasers have sparked conversation online and among analysts about what Tesla is up to — and two theories have emerged.

The first is that it could be the next-generation Roadster vehicle that Tesla CEO Elon Musk has been promising for years.

The second is that Tesla could be about to unveil a long-awaited mass market model.

Musk teased the next-generation Roadster concept back at an event in November 2017, and in June 2018 in a series of tweets.

The billionaire has since hyped the vehicle repeatedly and, in September, said on X that “the new Roadster is something special beyond a car.”

Musk has a history of promising things that are either not delivered or take substantially longer than he initially says.

Meanwhile, Tesla has been saying a cheaper mass-market car will hit the market this year. However, Musk has confirmed this lower cost offering will effectively be a stripped down Model Y.

For investors, a mass-market model is seen as key to revitalizing Tesla’s sales. While Tesla reported a jump in auto deliveries in the third quarter of the year, this was attributed to a pull forward in demand due to the expiration of a federal tax credit. In the quarter before, Tesla reported a delivery decline.

The company has seen a continuous slump in sales in Europe, and it continues to face heavy competition in China, another key market, from local players like BYD which are also expanding overseas.

Chinese players have been launching low-cost offerings in Europe and elsewhere putting more pressure on Tesla to released a model at around the $25,000 to $30,000 mark.

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Politics

Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

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Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

Half of all Conservative members think Kemi Badenoch should not lead the party into the next election, according to an exclusive Sky News Tory members poll.

The YouGov poll found 46% think the current Tory leader should stay in place when the country next goes to the polls, while 50% say she should not.

Tory members are split as to whether she will make it that far. A total of 49% think she will be out before the election, compared with 47% who think she’ll still be in place.

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The Tory leader will hope that this week’s conference in Manchester will steady her leadership.

But asked who they would prefer as leader of the Conservative Party, 46% of Tory members picked Robert Jenrick, comfortably ahead of the 39% who said Ms Badenoch. In all, 11% said neither and 4% don’t know.

The poll of 652 Conservative members was taken between 26 September and 2 October.

More on Conservatives

Having lost to Ms Badenoch a year ago, Mr Jenrick is now comfortably the members’ favourite, and would beat Boris Johnson, James Cleverly and Priti Patel. Badenoch would narrowly beat Johnson if they went head to head.

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Badenoch praises Thatcher but faces fight with grandees
Active plot against Kemi Badenoch at party conference

Ms Badenoch rejects any kind of electoral pact with Reform UK at the next election, but this is out of step with Tory members.

The poll finds 64% support an electoral pact, meaning Reform and the Tories would not stand candidates against each other in target seats, while 31% do not.

Almost half of Tory members – 46% – would support a full blown merger with Reform UK, against 48% who would oppose a merger.

Party members are very clear that in a hung parliament, they would not want to see Tory MPs putting a Labour prime minister back in Number 10.

Tory members oppose a coalition with Labour by 93% to 6%. However 73% would welcome a coalition with Reform UK in a hung parliament, with 25% against.

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US

US Supreme Court rejects appeal request from Ghislaine Maxwell

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US Supreme Court rejects appeal request from Ghislaine Maxwell

The US Supreme Court has rejected an appeal request from Ghislaine Maxwell, the imprisoned ex-girlfriend of Jeffrey Epstein, over her criminal conviction.

Maxwell was sentenced in June 2022 to 20 years in prison after being convicted in December 2021 on sex trafficking charges.

Her lawyers argued she never should have been tried or convicted for her role in luring teenage girls to be sexually abused by Epstein.

Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice
Image:
Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice

Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice
Image:
Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice

The nine justices declined to take up a case that would have drawn renewed attention to the sexual-abuse saga.

US President Donald Trump and his administration, which urged the court not to accept the case, have been condemned for refusing to publicly release all the files from Epstein’s case.

Maxwell was moved from a low-security federal prison in Florida to a minimum-security prison camp in Texas after she was interviewed by Deputy Attorney General Todd Blanche in July.

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Trump and Epstein statue appears outside US Capitol

As usual, the justices on the highest court in the US did not explain why they turned down the appeal.

Maxwell’s legal team argued she shouldn’t have faced prosecution because of a deal that Epstein, who took his own life while in prison in 2019, made with federal prosecutors in Miami.

The 2007 agreement protected his “potential co-conspirators” from federal charges anywhere in the country, they said.

Donald Trump at his Mar-a-Lago estate in Florida with Jeffrey Epstein in 1997. Pic: Getty Images
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Donald Trump at his Mar-a-Lago estate in Florida with Jeffrey Epstein in 1997. Pic: Getty Images

Jeffrey Epstein. File pic: New York State Sex Offender Registry/AP
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Jeffrey Epstein. File pic: New York State Sex Offender Registry/AP

Maxwell was prosecuted in Manhattan, and the federal appeals court there ruled that the prosecution was proper.

A jury found her guilty of sex trafficking a teenage girl, among other charges.

Maxwell was given limited immunity when Mr Blanche interviewed her over the summer, allowing her to speak freely without fear of prosecution for anything she said except for in the event of a false statement.

She repeatedly denied seeing any sexually inappropriate interactions involving Mr Trump, according to records released in August meant to distance the president from the disgraced financer.

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As the president was arriving in the UK for his second state visit, his image was being projected on to the side of Windsor Castle alongside that of Jeffrey Epstein.

Epstein was arrested in 2019 on sex trafficking charges and was accused of sexually abusing dozens of teenage girls.

A month later, he was found dead in a New York jail cell in what investigators described as a suicide.

Maxwell’s move to a lower security facility was criticised by the family of Epstein abuse survivor Virginia Giuffre, who died in April, and accusers Annie and Maria Farmer.

Describing Maxwell as a “sexual predator who physically assaulted minor children on multiple occasions”, they said in a statement the transfer “smacks of a cover up. The victims deserve better”.

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Epstein survivors demand release of all files

When it announced in July that no additional documents from the investigation would be released, the US Justice Department declared that Epstein had killed himself, despite conspiracy theories to the contrary.

Read more on Sky News:
Who is in latest Epstein files release?
Epstein victims condemn Maxwell treatment
Duchess dropped by charities over Epstein links

A “client list” that US Attorney General Pam Bondi had intimated was on her desk did not actually exist, the department said.

This breaking news story is being updated and more details will be published shortly.

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