Rigzone Industry News

Oil steadied after strong gains to start the week, with US economic data signaling inflation is cooling while Russia agreed to dial back output.

As a result, Obsidian has restarted production at its Harmon Valley South field in the Peace River area.

Oil rose as risk-on sentiment spurred by cooling US inflation overshadowed an unexpected increase in the country's crude stockpiles.

Vitor Abreu is a geologist, but he arrived in Seoul last week like a star, greeted at the airport by flashing cameras and a hoard of reporters.

Fusion technology has the potential to deliver emissions-free, continuous, and on-demand energy to complement Occidental's existing zero or very-low emissions approach for DAC power and heat requirements.

Oil prices steadied as traders await Wednesday's interest-rate decision from the Federal Reserve to gauge the economy's strength and the trajectory of oil demand.

Oil rose 3% to settle near $78 a barrel, recouping losses from last week's selloff as traders piled back into the commodity.

Wages for U.S. oil workers set a fresh record in April.

Oil posted a weekly decline as algorithmic traders accelerated selling pressure after OPEC+ announced a plan to loosen its production curbs.

Oil gained for a second session as expectations waned that OPEC and its allies will allow the market to become oversupplied.