Rigzone Industry News

Obsidian Energy has completed its 2021 drilling campaign and has seen promising results for its 2022 program, prompting the company to up its production guidance.

Oil rose above $104 with traders seeing a global supply deficit even as the International Energy Agency lowered its global demand growth estimates because of China's renewed lockdowns.

Oil rallied as Russian President Vladimir Putin vowed to continue the invasion of Ukraine and China partially eased Covid-related restrictions, allaying some of the demand concerns that had weighed on prices.

Oil retreated for a second week in the wake of plans for massive stockpile releases, a demand-sapping virus outbreak in China and a hawkish turn from the U.S. Federal Reserve.

'America's oil and gas companies do not set the market'.

Rigzone's regular market watchers focus on oil price trends, U.S. Strategic Petroleum Reserve concerns, U.S. crude production and more.

Oil fell for a third session as hawkish signals from the U.S. Federal Reserve raised the prospect of restrained economic growth while millions of barrels of crude from strategic reserves are released into the market.

Oil fell to the lowest since mid-March after the International Energy Agency said it will deploy 60 million barrels of oil from emergency stockpiles to bolster the historic release announced by the Biden Administration.

Oil ended volatile session lower as a stronger U.S. dollar offset a potentially bullish impact from plans by the U.S., European Union and Group of Seven nations to install new round of sanctions on Russia.

Oil rallied above $100 a barrel after the European Union said it was working on new Russian sanctions, while Saudi Arabia hiked its prices for all its buyers.