Oil prices rose on Monday, supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China. Brent crude futures were at $49.10 per barrel at 0454 GMT, up 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.3 percent. Both benchmarks extended gains from strong performances last week. Analysts said the rising prices were a [Read more]
Oil prices firm on signs of U.S. production slowdown
Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand. Brent crude futures , the international benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.34 percent. Both crudes extended gains from a strong previous week. Traders and analysts said the rising prices were a [Read more]
In search for new CEO, Cenovus seeks fresh blood for old path
Cenovus Energy Inc's search for a new chief is focusing on external candidates with strong technical skills to help stabilize a company whose shares have nearly halved after an unpopular acquisition. The Canadian crude producer is working with executive recruitment firm Korn/Ferry International to find a replacement for outgoing Chief Executive Brian Ferguson, who was an accountant by profession, sources familiar with the matter told Reuters. Cenovus made a transformational [Read more]
U.S. drillers add oil rigs for 2nd week in a row -Baker Hughes
U.S. energy firms added oil rigs for a second week in a row as the drilling recovery continues into a 14th month, but the pace of additions has slowed to its lowest this year amid weak crude prices despite OPEC-led efforts to end a global supply glut. Drillers added two oil rigs in the week to July 14, bringing the total count up to 765, the most since April 2015, Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 357 active oil rigs during [Read more]
Oil edges lower on high fuel inventories, industry efficiency
Oil markets edged lower on Friday amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain, Brent crude futures , the international benchmark for oil prices, were down 19 cents, or 0.4 percent, at $48.23 per barrel at 0709 GMT. They have risen about 3.5 percent so far this week. U.S. West Texas Intermediate (WTI) crude futures were at $45.93 per barrel, down 15 cents, but heading for a 3.8-percent gain over the week. Crude prices are still [Read more]
Oil prices dip on high supplies, improving industry efficiency
Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. Brent crude futures , the international benchmark for oil prices, were down 8 cents, or 0.2 percent, at $48.34 per barrel at 0151 GMT, but up 3.5 percent for the week. U.S. West Texas Intermediate (WTI) crude futures were at $45.98 per barrel, down 10 cents, or 0.2 percent, but up around 4 percent for the week. Crude prices are around levels [Read more]
U.S. energy secretary in Mexico eyes cooperation
U.S. Energy Secretary Rick Perry promised on Thursday to promote cross-border electricity trade and investment with Mexico and said he expected talks aimed at updating the North American Free Trade Agreement (NAFTA) to proceed quickly. Standing beside his Mexican counterpart Pedro Joaquin Coldwell during a visit to Mexico City, Perry said it was a top priority to agree on a North American energy strategy, develop untapped resources and diversify energy supplies. "Mexico's prosperity is [Read more]
Oil stable as strong Chinese demand eases concern of ongoing glut
Oil prices were stable on Thursday as strong demand from China eased concerns of an ongoing fuel glut. Brent crude futures were at $47.75 per barrel at 0357 GMT, up 1 cent from their last close. West Texas Intermediate (WTI) crude futures were at $45.48 per barrel, down 1 cent from the previous session's close. China imported 212 million tonnes of crude oil, or 8.55 million barrels per day (bpd), in the first six months of the year, up 13.8 percent on the same period in 2016, customs [Read more]
Demand at Mexico onshore oil and gas auction spurs output hopes
Mexico auctioned 21 of 24 onshore oil and gas blocks on offer on Wednesday to investors from North America and Asia including tycoon Carlos Slim and Mexican newcomer Jaguar, anticipating a substantial boost for natural gas output. Monterrey-based Jaguar Exploracion y Produccion de Hidrocarburos took a stake in over half the areas awarded, which the oil industry regulator said would eventually yield around $2 billion in investments over the 30-year lifespan of the contracts. A tie-up of [Read more]
Cenovus expects up to C$2.5 bln from Weyburn, Palliser sales
Canadian oil and gas producer Cenovus Energy Inc has hired investment banks to sell the Weyburn and Palliser oil assets, which it hopes would fetch as much as C$2.5 billion ($2 billion), according to people familiar with the situation. The moves are part of a push to sell assets to pay down debt Cenovus took to help fund the C$16.8 billion purchase of oil and gas businesses from ConocoPhillips. Cenovus is working with Toronto-Dominion Bank to sell Weyburn, and with Credit Suisse and [Read more]
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