Rigzone Industry News

Oil prices surged above $85 as a monthslong effort by OPEC+ to reduce supplies gripped the physical market and China showed a new resolve to bolster its economy, a key engine of global crude consumption.

Oil rose for a sixth session, buoyed by risk-on sentiment and news that Russia had agreed on further OPEC+ cuts.

The winds projects have been 'adversely impacted by a handful of supplier delays'.

'Low volatility coupled with difficulty in sustaining downwards momentum often signals an impending upside break'.

Oil edged up in a thinly traded summer session, settling above $81 a barrel, as the market took a substantial drop in US crude stockpiles in stride.

Oil rose, bolstered by equities in a choppy session, as traders weighed additional Russian supplies against further Chinese economic stimulus.

Oil edged up alongside equities as thin summer trading left the commodity to follow broader markets.

Oil posted its second straight weekly decline as signals of additional crude supplies and a deteriorating global demand outlook loomed over a string of thinly traded sessions.

Oil edged higher after struggling for direction throughout the session as traders weighed increased supplies and a shaky economic outlook.

Crude futures fell as signs of a thaw in US relations with sanctioned oil producers Iran and Venezuela undercut expectations of tightening global supplies.