Rigzone Industry News

Oil lost ground amid signs of tepid demand, with a stronger dollar and key technical measures also putting a lid on the commodity's recent rally.

The OPEC Fund for International Development has committed $2 million in funding.

Oil rose for the fourth straight week, supported by signs of a tightening global market that have the International Energy Agency warning of higher prices ahead.

Oil retreated after testing a key technical level, but still held near a five-month high as shrinking US inventories and surging Chinese imports added to signs of a tightening global market.

The Norwegian Petroleum Directorate revealed Thursday that Aker BP ASA has made an oil discovery in the North Sea.

Oil rose to the highest closing price this year as slowing flows from Russia, production cuts by OPEC+ and falling US inventories pointed to a tightening market.

Oil rose above $81 a barrel, buoyed by general risk-on sentiment, as the first of a spate of supply-and-demand projections scheduled this week forecast a modest rise in US production.

Executives from 137 oil and gas firms have their say.

'The group is determined to preserve the value of crude even in a recession'.

Oil fell in a low-volume session, unable to withstand a rising US dollar while investors waited for upcoming supply constraints to hit the market.