Crude oil dipped Friday but was up for the week. Source link

(Bloomberg) — The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers.

Here are some of Rigzone’s top stories during the last week, just in case you missed them… ConocoPhillips to Ramp Up Oil Production Bloomberg highlighted that ConocoPhillips will begin restoring curtailed output this month as crude prices rebound. The company is the latest oil driller to turn on the taps, according to Bloomberg. Read full

(Bloomberg) — Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world’s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up 4.8% for the week. Crude rose

(Bloomberg) — Oil closed at its highest level in almost four months before the U.S. holiday weekend, cheered by signs the world’s biggest economy is recovering from coronavirus-related lockdowns, even as fears linger over a resurgence. Prices strengthened after a Labor Department report showed that payrolls rose by 4.8 million in June and the previous month was

(Bloomberg) — Yemen’s Houthi rebels say they’ve sent a maintenance team to repair an aging oil tanker laden with more than 1 million barrels that the United Nations and environmental groups see as a threat to marine life in the Red Sea. The decaying vessel Safer has been moored off Houthi-controlled Hodiedah province since 1988,

The American Petroleum Institute (API) has welcomed the implementation of the U.S.-Mexico-Canada Agreement (USMCA), which it says will bolster U.S. energy leadership while benefiting American workers and consumers. “American trade policy has entered a new era of opportunity with the implementation of USMCA, paving the way for sustained U.S. energy leadership and stronger economic growth,”

(Bloomberg) — Oil rose for a second day as a bigger-than-expected draw in American crude stockpiles and plunging output from OPEC producers outweighed nervousness about a coronavirus resurgence in the U.S. Futures in New York edged above $40 a barrel after rising 1.4% Wednesday as the Energy Information Administration reported U.S. inventories shrunk by 7.2

Appalachia is on the cusp of an energy and petrochemical renaissance, according to a new report released by the U.S. Department of Energy (DOE). As energy infrastructure expands in the region, manufacturers and consumers of the Midwest, New England and the East Coast have an opportunity to benefit from low-cost energy and energy-related products, such

(Bloomberg) — Crude gained after signals of shrinking stockpiles in the U.S., but fears of the virus crimping demand are holding futures back from rallying past $40 a barrel. The Energy Information Administration reported domestic crude inventories fell 7.2 million barrels last week, the biggest retreat since December, and at the nation’s biggest storage hub