Rigzone Industry News

Oil steadied near its highs of the year after rallying about 10% in recent weeks, with technical indicators that suggest its gains may be overdone sapping the benefit of risk-on sentiment in broader markets.

Oil posted a second straight weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended for the rest of the year.

'The latest action from Saudi Arabia, if it drives the oil price to $100 per barrel or higher, must indeed lead to political heat from the U.S.'.

Oil prices dropped after a nine-session rally — driven by renewed production cuts from leaders of the OPEC+ alliance — propelled futures into overbought territory.

'We have never been in such a good position to negotiate contracts'.

Oil settled at nine-month highs as investors digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.

'We expect OPEC+ to be in solid control of the global oil market over the next couple of years'.

Oceaneering has been tapped for Angola's Girassol life extension project and Guyana's Stabroek block.

Brent oil rose above $90 a barrel for the first time since November as the largest OPEC+ producers extended their supply cuts to year-end.

Omani energy firm OQ SAOC plans to sell a 49 percent stake in its gas pipelines unit in a domestic initial public offering .