Houston Chronicle The nation’s tally of active drilling rigs held flat this week as rising U.S. crude oil prices flirted with the $60 per barrel threshold, according to the weekly count from the Houston oilfield services firm Baker Hughes. For a U.S. energy sector that’s shed more than 25 percent of its active rigs this year, even holding steady
Reuters HOUSTON – Oil prices dropped about 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. Brent futures LCOc1 fell 80 cents to $63.54 per barrel by 10:29 a.m. CDT (1629 GMT). West Texas Intermediate
Houston Chronicle Oil gained as the U.S. and China were moving closer to a trade deal and before OPEC+ decides on its output-cut policy later this week. Futures added as much as 1.8% in New York. The U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal
Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma.
Houston Chronicle Crude oil prices are expected to plunge to $40 a barrel in 2020 unless OPEC and Russia agree to deepen – and not just extend – their production cuts, according to a new report from the Norwegian research firm Rystad Energy. The Organization of the Petroleum Exporting Countries and their allies, led by Russia, are meeting Thursday and Friday
Houston Chronicle Oil steadied on signs of progress in trade talks between the U.S. and China, and estimates that American crude inventories retreated for the first time in five weeks. Futures traded little changed near $58 a barrel in New York. Washington and Beijing “reached consensus on properly resolving relevant issues” to pursue a “phase one” trade deal during a
CNBC Oil prices rose on Thursday after a Reuters’ report showed OPEC and its allies are likely to extend output cuts until mid-2020 while fresh reports emerged that China has invited U.S. negotiators for a new round of talks. Brent crude futures rose 69 cents, or 1%, to $63.09 a barrel, while West Texas Intermediate crude futures rose 82 cents, or 1.4%, to
Source: Houston Chronicle The nation’s supplies of commercial crude oil spiked by 5.7 million barrels last week, but declines in refined products caused overall petroleum supplies to fall for an unprecedented fourth consecutive week. Crude oil prices dipped a bit Wednesday morning on the more bearish crude inventories increase, but the offsetting declines in other petroleum supplies kept oil prices
Source: Reuters NEW YORK (Reuters) – U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration said on Wednesday. Crude inventories, excluding the Strategic Petroleum Reserve (SPR), rose 5.7 million barrels in the week to Oct.
Source: Reuters LONDON (Reuters) – Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns. Brent crude LCOc1 was down 29 cents at $61.38 by 1359 GMT but the benchmark was set
Source: Houston Chronicle Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles. Futures recouped earlier losses of 1% as equities strengthened on positive corporate results, yet remained capped by economic worries as IHS Markit’s measure
Source: Reuters HOUSTON (Reuters) – Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of an industry report on U.S. crude inventories. Brent crude LCOc1, the global benchmark, rose 81 cents, or 1.38%, to $59.55
