Rigzone Industry News

Oil clung to gains as a disagreement between Iraq and Kurdish officials curtailed exports and fears of a banking meltdown receded.

Following the latest arrival of the jack-up vessel Blue Tern, Port of Aberdeen has seen more than 100 vessels arrive for various offshore wind related jobs.

Oil surged to the highest in about two weeks as supply disruptions in Turkey added to broader market optimism that a wider banking contagion may be avoided.

Oil rose this week as US government promises to protect bank depositors and a lack of surprises from the Federal Reserve calmed investors.

Oil halted its recent advance as weakening sentiment weighed on broader markets and the US government signaled that refilling the Strategic Petroleum Reserve will take longer than previously expected.

Oil rose to settle above $70 a barrel for the first time in a week, bolstered by bullish export data and a lack of surprises from the Federal Reserve.

Oil jumped the most since early February and restored key technical levels after US government promises to protect bank depositors calmed markets.

Oil hovered around 15-month lows as a favored spread for hedge funds to trade plunged with banking turmoil shaking confidence across markets.

Crude settled higher Thursday following an open that saw futures drop to 15-month lows, chasing the session a day earlier, where crude futures and oil stocks were roiled alongside a turbulent day for financial markets driven by banking fears.

Oil closed at a 15-month low as a wave of technical selling and options covering accelerated a three-day slide.