Tag

The crude being pumped out of USA shale formations helped create a global glut that’s pushed prices down nearly 60 percent since June 2014.

USA energy firms cut 26 oil rigs in the latest week, the biggest reduction since April and the fifth straight weekly decline, data showed on Friday, a sign low prices were pushing drillers away from the well pad. Baker Hughes reported that the gas rig count fell by one to 197 in...

Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.

Baker Hughes also reported a reduction in natural gas rigs, bringing total USA rigs were to a 13-year low.

November Brent crude on London’s ICE Futures exchange rose $0.44 to $48.13 a barrel.

Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations.

European markets ended solidly in negative territory as concerns over China returned to the forefront, after some disappointing economic data, prompting further weakness in commodity prices. In America, the US crude benchmark CLc1, West Texas Intermediate (WTI) settled down...

– Reuters pic, September 23, 2015.Brent crude oil rose towards US$50 RM217) a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China.

Oil prices have been going down for more than a year and now, these are trading at less than half of what their peak levels were in 2014, thanks to huge oversupply by oil producers in North America an the Middle East.

US benchmark crude West Texas Intermediate (WTI) was trading at $46.69 a barrel Thursday at 11:56 a.m. EDT.

Oil prices fell today after the US Federal Reserve kept its main interest rate on hold and following a volatile week for crude.

“$1.5-trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel“, Woodmac added. In July, however, Federal Reserve Chair Janet Yellen said the Fed would raise rates this year if economic conditions...

According to a Baker Hughes report, the USA oil-rig count fell by eight to 644 in the latest reporting week, the third straight decline after six consecutive weeks of increases.

Brent crude, the worldwide benchmark, is trading at about US$49 a barrel compared with US$99 a year ago. “This is all post-Fed fallout”, Mr. Flynn said.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because USA oil production is slipping faster than expected.