Rigzone Industry News

Oil lost more of the ground it had gained early this week as US crude and gasoline inventories increased, undercutting expectations for tightening supplies.

The waters off Oman are emerging as a hot spot for ship-to-ship transfers of Russian oil heading to India, as the US steps up scrutiny of the flows.

Oil settled little changed Tuesday, after swinging between gains and losses, with OPEC+ set to affirm its policy of production cuts amid tensions in the Middle East and Russia.

The meeting was co-chaired by OPEC Secretary General Haitham Al Ghais and Zhang Jianhua, the administrator of the National Energy Administration of the People's Republic of China.

Oil futures rose on geopolitical unrest and signs that OPEC+ will stick with current output cuts when delegates hold a review session next week.

The world is using more oil than ever and demand is outpacing expectations again this year.

Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.

Oil edged lower as a stronger US dollar outweighed optimism that the Federal Reserve will stick to its path of interest-rate cuts this year.

West Texas Intermediate fell about 2% to settle near $81, cooling a rally that had carried crude to the highest closing price since late October.

The transaction is expected to close in the third quarter.