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Oil Prices Up for the Week

Oil Prices Up for the Week

Crude oil dipped Friday but was up for the week. Source link
India Oil Demand Limps Toward Normalcy  | Rigzone
(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.
Conoco Turning on the Taps  | Rigzone
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
Oil Heads for Weekly Gain on Economic Optimism  | Rigzone
(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
Light Crude Settles Above $40  | Rigzone
(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
Yemen Rebels Send Repair Team to Stricken Tanker  | Rigzone
(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,
API Welcomes USMCA Implementation  | Rigzone
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,”
Oil Up as Stockpile Draw Offsets Virus Fear  | Rigzone
(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 on Cusp of Energy Renaissance  | Rigzone
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
Oil Prices Rise Amid Drop in US Inventories  | Rigzone
(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
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