Rigzone Industry News

Oil posted a weekly loss with macroeconomic headwinds dominating the market as traders await clearer signals on Chinese demand trends.

Oil posted its lowest close in more than a week as investors sought to avoid being caught on the wrong side of the jobless claims number scheduled for release tomorrow.

'Offshore oil and gas production isn't going anywhere, and the sector matters now possibly more than ever'.

OPEC's top official said slowing oil demand in Europe and the US are posing a concern for the global market.

Global benchmark Brent rose for a second consecutive week, getting a late boost from UAE officials denying OPEC exit plans.

OPEC's oil production increased last month.

Oil fell for the first time in three days as trader fears of further rate hikes in the US carried the day against evidence of a rebound in China.

Oil prices stagnated this week as traders confront bearish trends including rising US stockpiles and a rebound in demand that hasn't lived up to expectations.

Oil trader Wellbred Trading DMCC plans to build a refinery in Saudi Arabia.

Oil extended its longest run of losses this year after the Federal Reserve's minutes showed officials back further rate hikes, adding to concerns that a US economic slowdown will reduce demand.