Oil prices rose slightly on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million jobs in June, the Labor Department reported on Thursday, beating expectations. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.95%, to $40.20 a barrel, adding to a 1.4% rise on … [Read more...]

U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Gulf of Mexico, the report said. The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month was 12.73 million bpd, down … [Read more...]

Oil prices fell on Tuesday as optimism for a straightforward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya's state oil company flagging progress on talks to resume exports. U.S. West Texas Intermediate (WTI) crude futures fell as much as 44 cents, but recovered slightly after stronger-than-expected Chinese factory data. By 0201 GMT they were trading down 26 cents, or 0.7%, at $39.44 a barrel, having jumped 3% on Monday. Brent crude … [Read more...]

Oil prices rose on Monday, supported by improving economic data and supply cuts by major producers, though a spike in new coronavirus infections around the world capped the gains as some countries were forced to reimpose partial lockdowns. U.S. crude was up 60 cents, or 1.6%, at $39.09. Brent crude rose 52 cents, or 1.3%, to $41.54 a barrel by 1215 GMT.  Both contracts had fallen almost $1 earlier in the session. Crude prices found some support as profits at China’s industrial firms … [Read more...]

U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. In Canada, the oil and gas rig count fell by four this week to a fresh all-time low of 13, according to Baker Hughes. That was 111 rigs, or 90%, below this time last year. The U.S. oil and gas rig count, an early indicator of future output, fell by one to an all-time low of 265 in the week to June 26, … [Read more...]

Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on Wednesday. [EIA/S] This hit crude prices, although other details the EIA reported such as a fall in gasoline stocks as demand rose, lent limited support. “The report was another nail in the bulls’ … [Read more...]

Oil futures dropped on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply. U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $39.60 a barrel. Brent crude was down 29 cents, or 0.7%, at $42.34 a barrel. U.S. crude inventories rose by a much bigger than expected 1.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of … [Read more...]