Rigzone Industry News

Oil rallied for a third day to the highest level in more than a week, undaunted by the Federal Reserve's determination to fight inflation with a sustained policy of rate hikes.

The recycling of old structures from the Tyra field, the largest such project for offshore installations in Denmark's history, has been successfully completed.

Oil posted the biggest weekly loss since April as low liquidity fueled big price swings and as restarts for key pipelines alleviated supply concerns.

Oil dropped to the lowest since last December as investors pared back crude positions amid a broader market sell-off.

Oil prices rallied with traders betting that China will further ease Covid restrictions and US government data showing crude stockpiles plummeted amid record export demand.

It's been a mixed bag in terms of oil and gas exploration offshore Norway over the past month or so.

Oil rose as OPEC+ delegates said deeper production cuts could be an option when they meet this weekend.

'The depth of the initial fall also demonstrates that some traders do not perhaps listen to some very specific statements carefully enough'.

Oil felt continued pressure this week from slight oversupply dynamics.

With soaring shipping costs comes soaring bills for ships doing nothing.