Energy services provider Baker Hughes (BKR.O), opening a new tab stated in its widely watched report on Friday that U.S. energy companies reduced the number of oil and natural gas rigs operating this week to the lowest since January 2022. In the week ending June 7, the number of oil and gas rigs declined by…
Crude oil fell -1.29% to settle at 6424, mostly due to record-high output in the United States despite encouraging signs of demand from China. The petroleum output increase estimate for 2023 was revised by the U.S. Energy Information Administration to 12.9 million bpd, which is somewhat less than earlier projections. Citing unanticipated production growth in…
OPEC’s claim that market fundamentals are still strong and that financial market speculators are to blame for the recent price decrease drove crude oil prices to close slightly lower, down -0.23% at 6508. Notably, the buy came at an average cost of $77.57 per barrel. The U.S. Energy Department announced that 1.2 million barrels of…
The U.S. crackdown on Russian oil shipments has caused supply disruptions, which has caused oil prices to slightly rise on Tuesday. This was attributed to an OPEC report that stated market fundamentals remained solid. Brent crude futures had increased by 33 cents, or 0.4%, to $82.85 a barrel. At $78.59 a barrel, U.S. WTI crude…
A number of worries caused crude oil to suffer a severe setback, falling 3.58% to 62.74 per barrel. Due to weaker-than-expected Chinese exports in October and a U.S. government report projecting a 20-year low in U.S. petrol demand per capita next year, the demand picture was concerning. This suggested that demand may be declining globally….
Crude oil prices fell -3.48% to $68.80 per barrel as Middle East worries momentarily subsided. Concerns were aroused as Israel increased its ground operations in Gaza, but for the time being they have receded. Investor attention is now focused on a packed week of central bank meetings and economic data. Important economic data from China…
The price of crude oil yesterday increased by 1.08% to settle at 6726 on signs of tightening global supply, but the increase was restrained by China’s slowing economy and worries about additional U.S. interest rate increases. Unexpected rate cuts by the central bank failed to calm the market as fears about the country’s struggling economy…
The world’s second-largest consumer of crude oil, China, saw an increase in manufacturing activity on Friday morning, which helped lift confidence. At the same time, fears over Middle Eastern supply also increased. Brent futures, up almost 6% this week, were up 15 cents, or 0.19%, at $79.42 per barrel. After increasing by approximately 8% this…
