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By: CNBC – British oil giant Shell on Thursday posted a stronger-than-anticipated first-quarter profit, extending a record run of bumper results after...
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Oil prices rose on Monday as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico offset persistent Chinese demand concerns ahead of this week's U.S. Federal Reserve interest rate cut decision.
Brent crude futures for November settled at $72.75 a barrel, up $1.14, or 1.59%. U.S. crude futures for October settled at $70.09, up $1.44, or 2.1%.
"We've still got the remnants of the storm," said Matt Smith, lead oil analyst at Kpler. "The impact is more on the production side than on refining. Therefore, it leans a little bit bullish."
More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico remained offline in the aftermath of Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
U.S. stocks ended mixed on Monday, as traders’ expectations for the Federal Reserve to deliver a 50-basis-point rate cut on Wednesday continued to grow.
The Dow Jones Industrial Average ended roughly 0.6% higher to a new record close, according to preliminary closing data from FactSet.
The S&P 500 rose about 0.1%.
The Nasdaq Composite went down 0.5%
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Story By Andreas Exarheas |Rigzone.com| The U.S. Energy Information Administration’s (EIA) latest gasoline and...
By David Wethe | (Bloomberg) — The price to rent a deepwater drilling rig may...
Chevron CEO Michael Wirth recently criticized U.S. President Joe Biden’s administration for policies that...
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The oil and gas industry is inherently tied to geopolitical events and domestic policy...
Story from Bloomberg|By Anthony Di Paola| Libya’s crude exports continued to slump as UN-led...
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