Major U.S. oil industry groups on Monday sued the Biden administration for halting drilling auctions on federal lands and waters this year, arguing the government is required by law to hold regular sales. The American Petroleum Institute (API) and 11 other groups filed the lawsuit in federal court in the Western District of Louisiana. It seeks to compel the U.S. Department of Interior to reinstate oil and gas lease sales, which the administration paused in January pending a review of the [Read more]

Oil prices fell more than 1% on Monday, dropping for a third session, after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world's no.2 economy. U.S. West Texas Intermediate (WTI) crude dropped $1.89, or 2.77% to $66.03.  Brent crude was down $1.86 cents, or 2.65%, at $68.35 a barrel. Factory output and retail sales growth slowed sharply in July in China, data showed, missing expectations as [Read more]

U.S. energy firms added the most oil rigs in a week since April as the total rig count more than doubled from a record low a year ago amid a recovery in crude prices. The combined oil and gas rig count, an early indicator of future output, was up for the second week in a row, increasing nine to 500 in the week to Aug. 13, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 256 rigs, or 105%, from a [Read more]

Oil prices bounced back on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions. U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.09%, at $68.95 a barrel, after falling 0.2% on Thursday.  Brent crude was down 5 cents, or 0.07%, at $71.11 a barrel, after dropping 13 cents in the previous session.  The benchmarks are still heading for [Read more]

OTTAWA, Aug 12 (Reuters) - Canadian Prime Minister Justin Trudeau is planning a snap election for Sept. 20 to seek voter approval for the government's costly plans to combat COVID-19, four sources familiar with the matter said on Thursday. Trudeau is set to make the announcement on Sunday, said the sources, who requested anonymity given the sensitivity of the situation. Trudeau aides have said for months that the ruling Liberals would push for a vote before the end of 2021, two years ahead of [Read more]

Oil prices were steady on Thursday following two days of gains after a call from the United States, the world's top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. They were also boosted by a pullback in U.S. dollar, which can send speculative investors into greenback-denominated assets like commodities. U.S. West Texas Intermediate (WTI) crude futures was down 31 cents, or 0.45% to $68.99.  Brent crude futures [Read more]