Oil

American Shale Output Heading for 6-Month High in June

After U.S. oil output hit an all-time high in the final two months of 2023 with year-over-year growth clocking in at over 1 million barrels per day, the Energy Information Administration (EIA) said on Monday that American shale output from the top-producing regions would soar to a six-month high in …

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Oil Extends Fall on Signs of Weak Fuel Demand

Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world’s biggest economy. Brent crude futures slid 25 cents, or 0.3%, to $82.54 a …

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Oil Moves Higher on Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared …

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Turkey to Drill Oil off Somali Coast Starting in 2025

Somalia says Turkey will begin drilling oil off the country’s massive coastline from next year, according to the Director General of the Somali Ministry of Petroleum and Mineral Resources, Mohamed Hashi Abdi ‘Arabey’. Talking to the BBC Somali Service, Abdi affirmed the recent assertion by a Turkish official on a …

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OPEC+ can Stop an Oil Rally to $100

Talk of $100 oil returned to the market this week following the Iranian attack against Israel that sparked fears of a widening conflict in the Middle East. Analysts are not ruling out $100 oil in case of further escalation and even $130 oil if a broader conflict disrupts oil flows …

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