Rigzone Industry News

Oil edged higher as technical levels supported prices, even after Hamas said it agreed to a cease-fire proposal by Qatar and Egypt.

Oil posted its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East, while traders continued to weigh the outlook for interest-rate cuts.

Oil settled little changed after swinging in a narrow range throughout the session, with a buildup in US stockpiles and a potential cease-fire in the Middle East suppressing a rebound from yesterday's sharp losses.

OPEC+ is expected to prolong oil output cuts into the second half of the year.

Oil extended its recent skid as US crude inventories swelled to the highest since June the Federal Reserve signaled fresh concerns about inflation.

The production was largely driven by Statfjord area activities, OKEA said.

Oil slid near its lowest price in a month as the potential for a cease-fire in the Middle East eased geopolitical tensions.

Oil markets are increasingly gazing towards the OPEC+ meeting in June, SEB's Chief Commodities Analyst said.

Last year, the demand for loans from fossil-fuel companies fell 6 percent year on year.

Oil fell as signs of progress toward a cease-fire between Israel and Hamas reduced crude's geopolitical risk premium.