Latest news with #crudeoil
Yahoo
8 hours ago
- Business
- Yahoo
Oil Rig Count Falls by 6; Crude Set for Sharp Weekly Decline
The number of oil rigs in the US fell by six in the week through Friday, while crude prices were on
Bloomberg
14 hours ago
- Business
- Bloomberg
US Shale Drilling Falls for Longest Streak in Five Years
The number of rigs drilling for crude in the US declined for the longest weekly streak in about five years as shale explorers shrugged off a recent jump in crude prices. The number fell by six to 432 and has fallen for nine consecutive weeks, the longest series of declines since an 18-week drop in July 2020, according to data released Friday by Baker Hughes Co.
Yahoo
19 hours ago
- Business
- Yahoo
Oil Prices Set For Weekly Loss as War Premium Evaporates
Crude oil prices were set to end the week lower than they started it as Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East. At the time of writing, Brent crude was trading at $68 per barrel, with West Texas Intermediate at $65.55 per barrel. That's down from over $77 for Brent crude and $73 per barrel for WTI at the end of last week. Still, both benchmarks inched higher on Thursday this week, after the U.S. Energy Information Administration reported a draw in both crude oil and fuel inventories, and signs of strengthening demand and a ramp-up in refining activity. 'The market is starting to digest the fact that crude oil inventories are very tight all of a sudden,' Phil Flynn, an analyst from Price Futures Group, told Reuters. ING analysts, meanwhile, noted that now that the risk of a Middle Eastern supply disruption was off the table, focus would return to tariffs. The U.S. is due to finalise trade agreements with 10 countries after reaching a deal with China earlier in the month. If the other ten deals are successful, which will likely be the case, the tariff threat will also be removed from the oil market, which may provide a boost for demand and, consequently, prices. A cheaper U.S. dollar should also help. The greenback slumped this week on reports President Trump was going to make his Fed chair pick early. Besides the tariff business, ING also noted OPEC+'s next meeting, due to be held on July 6, which the bank's analysts expect will result in yet another 411,000-bpd production boost. 'These supply hikes should ensure that the oil market moves into a large surplus towards the end of the year. This assumes we don't see a re-escalation in the Middle East, which would lead to supply losses,' Warren Patterson and Ewa Manthey wrote. By Irina Slav for More Top Reads From this article on
Zawya
a day ago
- Business
- Zawya
Kuwait crude oil up two cents to $68.31 pb
KUWAIT -- The Kuwaiti crude oil price rose by two cents during Thursday's trading to reach USD 68.31 per barrel (pb), compared with USD 68.29 pb the day before, Kuwait Petroleum Corporation (KPC) said Friday. Brent futures also went up by five cents to USD 67.73 pb and West Texas Intermediate rose by 32 cents to USD 65.24 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Times of Oman
a day ago
- Politics
- Times of Oman
India's oil import from Iran "depends on market factors, prevailing global situation": MEA
New Delhi: The Ministry of External Affairs clarified India's position on importing crude oil from Iran on thursday, stating that energy purchases are based on "market factors and the prevailing global situation." "Our energy requirements, or the energy purchases we make, are based on market factors and the prevailing global situation," MEA spokesperson Randhir Jaiswal said in THEIR weekly briefing. Further, the Ministry also expressed deep concerns about the situation in West Asia, including the Israeli attacks on nuclear scientists and certain universities in Iran. In response to a question about targeting science students and scientists, the MEA spokesperson emphasised India's commitment to peace and diplomacy. "As you would have seen in our statement earlier as well, we expressed deep concerns about the recent escalation of the situation in West Asia, including the attacks on Iran's nuclear facilities. Subsequently, we have welcomed the ceasefire, as you would have seen," Jaiswal stated. The MEA spokesperson noted that India is closely monitoring updates from the International Atomic Energy Agency (IAEA) regarding the radiation levels at the affected sites. "India is closely following updates from the IAEA about the radiation levels in the affected sites," the spokesperson said. "We have noted that so far, IAEA has reported that the targeted facilities either confirmed no nuclear material or small quantities of natural or low-enriched uranium, and that radioactive contamination has been limited to the buildings affected by the strikes. We urge a return to the path of dialogue and diplomacy for an early restoration of regional peace, security, and stability," Jaiswal affirmed.
