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).

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.