• 45 mins Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 6 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 6 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 8 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 10 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
Markets Shrug On Flat Oil Rig Count

Markets Shrug On Flat Oil Rig Count

The United States oil rig…

The IEA Is Grossly Overestimating Shale Growth

The IEA Is Grossly Overestimating Shale Growth

The IEA’s forecast that U.S.…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

U.S. Crude Prices At 10-Month High, Brent Tops $50

PBR rig

Oil futures briefly lost gains after US Federal Reserve statements on a potential interest-rate increase, but they bounced back to close Monday at a 10-month high.

At the close of trading today, West Texas Intermediate (WTI) crude for July delivery was up 2.2 percent, settling at US$49.69 per barrel on the New York Mercantile Exchange—a closing WTI hasn’t seen since 21 July 2015.

While WTI was up US$1.07 per barrel, Brent crude for July settled 1.8% higher, closing at a seven-month high of US$50.55 per barrel after hitting US$50.83 per barrel earlier in the day.

Related: The Offshore Oil Business Is Crippled And It May Never Recover

A more dovish attitude from the U.S. Federal Reserve Bank, a revival of Niger Delta militancy that has taken significant volumes of crude production offline in Nigeria and the reduced production coming out of Canada’s oil sands provinces ravaged by wildfires have all contributed to the jump in oil prices.

A draw on U.S. crude inventories at Cushing, Oklahoma, also helped boost WTI futures.

Crude oil prices are now up around 80 percent compared to their low earlier this year of below US$30.

Related: The Crude Crash Has Created Oil’s Technological Superpowers

As Oilprice.com reported earlier today, the EIA’s drilling productivity report from the Energy Information Administration (EIA) will not be out until 13 June, while the EIA’s Short Term Energy Outlook is due out on 7 June. Early next week will also see monthly reports from OPEC and the International Energy Agency (IEA).

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News