Rigzone Industry News

Oil halted its rally in thin summer trading, weighed down by a risk-off tone in markets and technical barriers to further advances.

The Wittau Tief-2a exploration well in lower Austria has hit natural gas.

Despite the softer market Ovintiv has raised its planned output for the 2023 to 535,000-550,000 barrels of oil equivalent a day.

Oil posted its largest monthly increase in more than a year on signs that the market is tightening, with analysts estimating that crude demand is running at a record clip just as OPEC+ cuts back production.

'Leveraging AWS analytics and machine learning will help Occidental gain greater insights and automate processes'.

Oil output cuts and weaker prices pushed Saudi from being one of the fastest-growing G20 countries to one of the slowest.

Tightening global oil supplies and expectations that the Federal Reserve's tightening is nearing an end propelled crude to the longest run of weekly gains in more than a year.

'In our view the rise in prices is a belated market acknowledgment of a significant tightening'.

Oil rose to the highest since April as signs of economic strength in the US improved the outlook for demand, outweighing concerns about a price correction based on technical factors.

Oil slipped from a three-month high as US crude stockpiles fell less than anticipated and traders assessed the Federal Reserve's interest rate hike.