Rigzone Industry News

Oil plunged to the lowest in almost two weeks on growing concerns that China's faltering economy will erode demand in the world's biggest importer of crude.

Brent crude has climbed almost 20 percent since late June.

Oil's rally sputtered amid a slump in summertime liquidity, leaving the commodity at the mercy of volatile, broader markets.

Oil posted its longest streak of gains since mid-2022 as multiple reports forecasting increased demand gave a fresh boost to a rally built on increased supply-disruption risks and extended Saudi production cuts.

ERCOT, MISO, PJM and SPP called for talks with power utilities.

Major consuming nations have criticized the Saudis and their allies for constricting output.

Oil supply cuts have curbed the need for tankers.

Oil climbed to the highest in almost nine months on concern that a possible escalation of the conflict between Russia and Ukraine may choke off more supplies in an already tightening market.

Second-quarter earnings calls from the biggest offshore drillers over the past week revealed little enthusiasm to build costly new rigs that take years to roll out.

Oil rose after Ukrainian President Volodymyr Zelenskiy said his country would retaliate if Russia continues to block Ukrainian ports.