Rigzone Industry News

The OPEC Fund has approved a $500,000 aid grant to support relief and recovery efforts in Libya in the aftermath of Storm Daniel.

Oil plunged the most in more than a year as early signals that demand is flagging exacerbated markets' unease over the prospect of a punishing stretch of high interest rates.

Oil edged higher after a volatile session where traders weighed tightness in the physical market against macroeconomic concerns that are clouding the outlook for demand.

The group is showing no signs of cooling a rally that brought prices near $100 a barrel.

Rigzone looks at reactions from the API, IPAA, NOIA, and LOGA and hears from the White House.

Oil fell, with the US benchmark tumbling below $90 a barrel, as worries about further interest rate increases and a slowdown in the economy roiled broader markets.

The USA has awarded $167.7 million to the eighth cohort of a grant meant to secure power transmission systems from natural disasters.

Oil posted its largest quarterly rally since the initial jolt from the war in Ukraine as lower Russian fuel exports threaten to further tighten a market wrestling with OPEC+ production cuts.

Oil's rally to $95 a barrel faltered as investors cashed out and the market settled in overbought territory.

Organizations across the oil and gas industry are increasing their adoption of machine learning and artificial intelligence, according to AWS.