New Zealand infrastructure investor Infratil is in talks with Royal Dutch Shell over acquiring the oil company's local downstream and refining businesses, in a deal expected to be worth about NZ$1 billion ($710 million).

Oil prices fell nearly 4 percent Friday, pressured by bearish economic data that dented confidence about a potential recovery in energy demand.

Royal Dutch Shell said third quarter net profit fell 73 percent, hit by falling oil and gas prices and refining margins, and Chief Executive Peter Voser warned of a slow recovery.

The CEO of oil giant BP believes the drop in the dollar in recent months is a major factor behind oil prices breaking through $75 a barrel.

Exxon Mobil spacer said Tuesday it will make its first major investment in greenhouse-gas reducing biofuels in a $600 million partnership with biotech company Synthetic Genomics to develop transportation fuels from algae.