Rigzone Industry News

Oil fell as lockdowns across China countered looming European Union measures to limit purchases of Russian fuel.

OPITO and the Massachusetts-based National Offshore Wind Institute will support thousands of new jobs in the growing U.S. offshore wind sector.

Oil closed at the highest level in nearly two weeks as prospects for a European Union ban on crude imports from Russia seemed more likely, with an extra jolt of support coming from a growing global diesel supply crunch.

Hamlet is a new discovery in the Gjoa area.

Oil prices have become stuck in a holding pattern.

Oil climbed as Chinese central bank assurances of economic support eased fears that a new round of virus lockdowns will crimp crude demand. Diesel markets also spiked amid a global clamor for supplies.

The 21-member S&P 500 Energy Index has climbed 45 percent this year.

Oil dropped for the third week out of the last four with China facing a large consumption hit and the Federal Reserve signaling that it will aggressively tighten monetary policy to curb inflation.

Oil extended losses after the International Monetary Fund downgraded its global growth forecast, intensifying market concerns of an economic slowdown in the wake of hawkish comments from U.S. Federal Reserve officials.

Oil rose as the shutdown of Libya's biggest oil field strains an already under-supplied market, overshadowing signals that China's drastic pandemic lockdowns are weighing on economic growth.