Rigzone Industry News

Oil sank despite US data showing the biggest drop in the nation's stockpiles in five weeks, with traders awaiting Sunday's OPEC+ meeting for more guidance on supply.

'A substantial portion of the acquired lands at Peavine are adjacent to and extends our Clearwater Dawson field, which is providing robust production results above our expectations'.

Oil retreated as another weak sale of Treasuries raised concerns about rising yields, stoking a risk-off mood across financial markets.

'This happens while 600 million Africans still live without energy, 700 million have no access to clean cooking energy'.

Three tankers carrying North Sea Forties crude have been floating off European shores for more than two weeks without discharge.

Oil rebounded from last week's selloff as tensions flared in the Middle East, with a vessel attacked in the Red Sea and Israeli tanks reaching the center of Rafah.

Oil firms that want to stay or operate in Venezuela have been applying for permits from the U.S. Treasury after Washington reimposed sanctions last month.

GlobalData said the oil and gas contracts market faced turbulence.

Donald Trump raised $40 million from oil executives and other deep-pocketed donors in Texas.

Oil hovered near the lowest in three months as traders weighed decreased geopolitical risks and signs that global markets are sufficiently supplied ahead of next month's OPEC+ meeting.