The U.S. oil and natural rig count increased this week for the first time since March, with energy firms adding the most oil rigs in seven months, as shale producers start drilling again now that crude prices have recovered from historic lows. The oil and gas rig count, an early indicator of future output, rose 10 from a record low to 254 in the week to Aug. 21, energy services firm Baker Hughes Co said in its closely followed report on Friday. Prior to this week, the rig count hit records [Read more]

Oil prices edged lower on Friday but held near a five-month high as an easing of coronavirus lockdowns aids a slow recovery in fuel demand while major crude producers seek to limit supply. U.S. West Texas Intermediate (WTI) crude futures were down 84 cents, or 1.97%, at $41.91 but on track for a weekly gain of about 0.9%. Brent crude futures were down 76 cents, or 1.65%, at $44.12 a barrel, heading for a 0.9% weekly decline. The euro zone’s economic recovery from its deepest downturn on [Read more]

Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. U.S. oil was down 98 cents, or 2.34%, at $41.71 a barrel, after inching higher on Wednesday. Brent crude was down $1.11, or 2.46%, at $44.06 a barrel by 0442 GMT, having slipped 0.2% in the previous session. Stockpiles of crude in the United States fell a fourth straight week, even as net imports rose, the [Read more]

Oil prices slid on Wednesday as concerns grew that U.S. fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. U.S. West Texas Intermediate (WTI) crude futures was down 25 cents, or 0.6%, at $42.64 a barrel, having ended unchanged the previous day. With investors keeping one eye on a key producer countries' ministerial meeting later in the day, Brent crude futures fell 38 [Read more]

Oil prices were broadly steady on Tuesday, hanging on to gains from the previous session thanks to high compliance with production cuts from members of the OPEC+ producer group. U.S. crude edged down by 23 cents, or 0.4%, to $42.55 after a rise of 2.1% in the previous session. Brent crude eased by 9 cents, or 0.2%, to $45.28 a barrel by 1117 GMT, having gained 1.3% on Monday. A technical panel found that compliance with OPEC+ oil output cuts in July was between 95% and 97%, according to [Read more]

Oil prices rose on Monday as China's plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies. U.S. West Texas Intermediate crude was up 34 cents, or 0.8%, to $42.35 a barrel. Brent crude added 30 cents, or 0.7%, to $45.10 a barrel. Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and [Read more]

U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by three to an all-time low of 244 in the week to Aug. 14, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 691 rigs, or 74%, below this time last year. U.S. oil rigs fell by four to 172 this [Read more]

Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Thursday, extending a recent price trend, as demand for heavy oil grew faster than supplies. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $9.90 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $10.35 under. The narrowing differential reflects improving Midwest refining margins and competitive bids from those refiners for [Read more]