Rigzone Industry News

It was a day of listless swinging in the oil market that finally saw prices close lower as traders weigh US interest rates and China's outlook to determine the direction for global energy demand.

Oil trading was sluggish, pushing the 30-day volatility level to the lowest in a year, with traders stuck between higher energy demand in China and signs of an oversupplied market in the US.

Oil supplies will pose a bigger issue than demand for global markets in 2024 as some countries struggle with production and investment, the United Arab Emirates energy minister said.

OPEC's top official urged countries to invest much more in oil to meet the world's future energy needs and said climate policies need to be more “balanced and fair.”

Global oil prices have been in a turbulent downtrend, according to BofA Global Research.

Oil jumped the most since early November as investors grew more confident in China's demand outlook.

Russia's oil industry may be coming under increasingly intense international pressure, but its seaborne exports are far from retreating.

Oil tumbled to the lowest levels since early January as long-term headwinds overwhelmed the positive sentiment from a strong US jobs report.

OEUK urges the oil and gas industry to do more on helping create the UK's low-carbon future energy systems.

Oil struggled to find a bid after the Federal Reserve's recent comments spurred traders to shun energy and pour money into interest-rate sensitive stocks.