Rigzone Industry News

The IEA now forecasts that world oil demand will hit 99.7 million barrels per day this year.

Oil climbed on optimism that demand prospects in China may brighten as one of its megacities loosens lockdown restrictions.

Onshore crude oil inventories have been tightening.

The last time this pattern was recognized was February 25th, 2020, which was followed by a plunge of 77 percent over the ensuing two-month period.

OPEC+ decided to request the chairman to consider calling for an OPEC+ meeting anytime to address market developments.

OPEC+ agreed to make a token oil supply cut for October.

Oil fell for to a two-week low amid escalating concerns about worldwide demand while a broader risk-off sentiment weighed on assets from metals to equities.

Oil registered its third straight monthly decline, its longest losing run in more than two years, on concern that tighter monetary policy and China's economic slowdown will impact crude demand.

Violent clashes in Baghdad have yet to hit Iraq's oil production, an official said.

Oil climbed to the highest since late July as fears of production outages in Libya that would exacerbate a global energy crunch.