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Crude climbs back towards $50 a barrel on rising U.S. fuel demand

Oil climbed towards $50 a barrel as signs of growing U.S. fuel demand means more refinery purchases seen helping ease a glut in American crude stockpiles. Futures in New York advanced after rising 2.4 percent Wednesday, when U.S. government data showed that gasoline inventories dropped more than exp ...

Rival drilling tycoons place bets on offshore-rig recovery

Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the biggest offshore-rig compani ...

Prices fall on fears of U.S. drillers counteracting OPEC cuts

Oil fell as U.S. drilling continued to rise, undermining the potential for even an extended OPEC output-reduction deal to rebalance the market. Futures lost as much as 1.9 percent in New York after gaining 0.6 percent last week. Producers added more oil rigs to U.S. fields, extending a drilling surg ...

Saudis say they’re willing to extend output cuts

Oil headed for a weekly increase as U.S. stockpiles retreated from record levels while Saudi Arabia said it’s prepared to continue production curbs in the second half of the year. Futures were little changed in New York, up 0.9 percent for the week. U.S. inventories last week fell for the first time ...

Wall Street keeps faith in oil recovery

Prices have sunk, stockpiles ballooned and doubts about OPEC’s effectiveness grown, yet Wall Street hasn’t lost faith in oil’s recovery. Crude fell below $50 a barrel in New York last week on signs that OPEC’s production cuts aren’t clearing a global glut quickly enough, and that U.S. shale drillers ...

$40 oil? No problem as U.S. drillers snub OPEC with hedges

OPEC’s worst enemy isn’t U.S. shale drillers. It’s the hedges propping them up. American oil explorers who survived the worst of the 2014-2016 market rout are shrugging off the 14 percent slide in prices this year from a high of $55.24 to less than $48 a barrel Tuesday. The price would have to drop ...

Oil falls as Saudis ease production cuts

Oil reversed earlier gains after Saudi Arabia told OPEC it raised output back above 10 million barrels a day in February, reversing about a third of the cuts it made the previous month. Futures fell 0.6 percent in New York after losing 9.2 percent the previous six sessions. The kingdom, which had cu ...

Proposed Trump tax cut could save drillers $10 billion

The Trump administration’s plan to slash corporate tax rates could free up more than $10 billion a year for U.S. oil explorers, opening new opportunities to boost drilling at a time of uncertainty in the marketplace. Crude prices in New York have fallen 10 percent since the end of 2016 as added dril ...

Kuwait backs extending OPEC production cuts beyond June

Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded. It’s too early for the Organization of Petroleum Exporting Countries to agree on a ...

Oil executives confident that future is bright

Oil prices are down nearly 10 percent over the past month, leading some to wonder if we’re set for a resumption of the plunge seen between 2014 and early 2016. Executives at oil companies, however, are optimistic. A new note from Goldman Sachs Group Inc. dives into fourth-quarter earnings call ...

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