Rigzone Industry News

The American Petroleum Institute and the National Ocean Industries Association have both commented on the 'Energy Week' taking place in the U.S. House of Representatives.

Tightening oil supplies pushed West Texas Intermediate above $83 a barrel, extending a rally that has propelled prices to the highest since October.

Crude futures pushed through 200-day moving average and then held momentum on the week.

OPEC expressed encouragement after a commentary from the IEA telling the globe to ensure petroleum supply while transitioning to a clean energy future.

Ukraine attack on Rosneft PJSC refinery added tailwinds to supplement the largest supply drawdown in nearly two months.

Oil dipped as signs of stubborn US inflation whipsawed wider markets and OPEC said its latest supply cuts stalled.

Oil was little changed as traders wait to see if a week of key data inputs can break the market from its recent torpor.

Axis declared a milestone in well service technology with the deployment of an electric-powered rig that it says not only reduces emissions but also improves safety and efficiency.

Oil eased lower as a brief outage on North America's Keystone pipeline failed to shake prices out of the tightest weekly trading range in years.

'The industry is being taxed on windfall profits which no longer exist', OEUK said.