World Oil (Bloomberg) – Unemployment in the US oil industry plummeted to one of the lowest levels on record as shale explorers scramble for workers to keep production flowing. The jobless rate fell to 0.8% in October from 2.5% in the prior month on an unadjusted basis, government figures released Friday show. That compares with an unemployment rate of
Yahoo Finance NEW YORK – Oil slid about 1% on Thursday as an increase in U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand. Losses, however, were limited by concern over tight supply. Brent futures fell 90 cents, or 0.9%, to $95.26 a barrel by 11:37 a.m. EDT (1537
Nasdaq LONDON – Portfolio investors’ oil positions are exhibiting significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid exceptionally low inventories of crude and diesel. Hedge funds and other money managers purchased the equivalent of 33 million barrels in the six most important petroleum futures and options contracts in the week to
Nasdaq Oil prices will find support from OPEC+ output cuts and sanctions on Russia for the rest of the year and into the early part of 2023, a Reuters poll showed on Monday, but a recession could limit further gains. A survey of 42 economists and analysts forecast benchmark Brent crude LCOc1 would average $101.10 a barrel this year, and $95.74
Oil Price Barclays lowered on Friday its Brent Crude price forecast for this year and next due to expected slowing growth in oil demand. The UK bank—which slashed in August its Brent oil price forecast to $103 per barrel for 2022 and 2023, down from $111 a barrel—is now cutting its Brent forecast by $3 per barrel for 2022 and by
Yahoo Finance LONDON – Oil prices fell in volatile trade on Tuesday on fears of higher U.S. supply amid economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $1.35, or 1.47%, to $90.27 a barrel by 1406 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1.77, or 2.07%, at $83.69, having risen by over
BOE Report Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. U.S. West Texas Intermediate crude was at $88.66 a barrel,
World Oil Employment in the U.S. oilfield services, and equipment sector rose by an estimated 2,566 jobs to 640,767 in September, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to August numbers and analysis by the Energy Workforce & Technology Council (Energy Workforce). August adjusted number of 638,201 is down from the preliminary number of
Yahoo Finance The job market in the US shale patch is showing further tightness as drillers struggle to find enough workers to meet output targets this year, according to a Labor Department report released Friday. The unemployment rate fell to 2.5% in September from 2.6% in the prior month on an unadjusted basis, government figures show. That compares with
Oil Price Global trade growth is losing momentum and will stay muted next year amid multiple shocks to major economies, the World Trade Organization (WTO) said on Wednesday, in yet another sign that recessions could be looming and weighing on oil demand. World merchandise trade volumes are expected to grow by 3.5% this year, which would be slightly better than the
BOE Report Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns after Moscow’s new mobilization campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. U.S. West Texas Intermediate (WTI) crude futures dropped $4.25, or 5.09%, to $79.29. Brent crude
World Oil (Bloomberg) — Schlumberger said annual sales will rise the most in 11 years as concern over inadequate energy supplies outweighs recessionary fears among major oil explorers. Citing the biggest jump in demand for its services in more than a decade, the world’s biggest oilfield contractor sees sales reaching at least $27 billion this year, an 18% increase
