Rigzone Industry News

Oil edged lower after a choppy session as broader risk-off sentiment dampened reduced crude production in North Dakota and Red Sea risks.

At least three large oil tanker firms said they stopped sending their ships through the southern Red Sea.

Oil rose after the US and its allies launched airstrikes against Houthi rebels in Yemen, retaliating for attacks on ships in the Red Sea that have imperiled flows of fuel and goods through the vital waterway.

Oil climbed after Iran seized a tanker in the Gulf of Oman, the latest in a run of incidents that could threaten key shipping lanes.

Four to five people wearing black masks went aboard the ship, the UK Maritime Trade Operations said.

Oil declined after Saudi Arabia cut official selling prices for all regions, the latest sign that fundamentals are worsening.

'The unprecedented levels of cooperation, dialogue, mutual respect, and trust will continue to be the basis for these continued collaborative efforts going forward'.

Puntland, an oil-rich, semi-autonomous territory in eastern Somalia, will select a new president on January 8.

Oil posted a weekly advance, bolstered by output disruptions in Libya and increased tensions in the Middle East.

Oil fell as rising gasoline stockpiles in the US signaled a shaky picture for demand, undercutting the effect of output disruptions in Libya.