Rigzone Industry News

Oil edged lower as traders weigh surging US production against disruption in the OPEC cartel and the threat of ship attacks in the Red Sea.

The sale, held by the Interior Department Wednesday, brought in more than any federal offshore oil and gas lease auction since 2015, according to the U.S. Bureau of Ocean Energy Management.

Oil struggled to hold onto gains as rising US crude stockpiles undercut the risk of disruptions in the Red Sea.

Oil rose to the highest price in more than two weeks as companies increasingly steer clear of the Red Sea amid a spike in vessel attacks along the key shipping conduit.

Odfjell Drilling added two more years to the firm contract it has with Aker BP for drilling rig Deepsea Nordkapp.

Oil rose to the highest in two weeks as more oil companies and tanker owners began to avoid the Red Sea amid increasingly frequent attacks in the region.

Oil eked out a small gain for the week, snapping a seven-week losing streak, as signs that the Federal Reserve's aggressive rate-hiking campaign is over bolstered risk assets.

Oil climbed from a five-month low, rallying with broader markets after the clearest sign yet that the Federal Reserve's aggressive rate-hiking campaign is over.

Oil rose as a drawdown in US stockpiles helped thaw a market frozen by concerns about excess supplies.

'The sale of CrownRock could also be the first leg of a triple crown of mega sales by private companies in the Permian'.