OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, delegates said Monday, deciding against opening the taps more widely, and driving U.S. crude prices to their highest levels since 2014. West Texas Intermediate, the main U.S. oil price, rose 2.3% to close at $77.62 a barrel. Brent, the […]
U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as oil prices soared to their highest since 2014 prompting some drillers to return to the wellpad. The combined oil and gas rig count, an early indicator of future output, rose five to 533 in the week […]
What’s happening with the oil demand and supply? Oil prices jumped on Monday to the highest levels in years, fueled by rebounding global demand that has contributed to power and gas shortages in key economies like China. Brent crude rose $1.26, or 1.5%, to settle at $83.65 a barrel. The session high was $84.60, its […]
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