Date: 1513 EST According to a report from oil services company Baker Hughes, the number of oil drilling rigs in the U.S. has increased by two units compared to the previous week, reaching a total of 500 rigs. However, this number is still 121 rigs lower than the count from a year ago. Despite the decline in rig count, U.S. crude oil production has been consistently reaching new … [Read more...] about U.S. Oil Rigs Report Slight Increase, Crude Oil Production Reaches Record High
oil prices
Oil Futures Rise as Iranian Warship Enters Red Sea
Oil futures rose on Tuesday as tensions heightened and fears of crude supply disruptions increased due to attacks on shipping by Iran-backed Houthi rebels in Yemen. The rise in oil prices was triggered by the entrance of an Iranian warship into the Red Sea. Price Action West Texas Intermediate crude for February delivery rose $1.71, or 2.4%, to $73.36 a barrel on the New York … [Read more...] about Oil Futures Rise as Iranian Warship Enters Red Sea
U.S. Stocks Set to Rise as Tech Earnings Take the Stage
U.S. stocks are expected to see a boost on Monday as major technology companies gear up to release their earnings reports. The market is anticipating an active week, with nearly a third of S&P 500 companies scheduled to share their financial results. Oil Prices Take a Dip Crude oil futures experienced a slight decline, with West Texas Intermediate (WTI) falling by 0.3% to … [Read more...] about U.S. Stocks Set to Rise as Tech Earnings Take the Stage
U.S. Crude Inventories Decline More Than Expected
The Energy Information Administration (EIA) released its latest report on the status of U.S. commercial crude inventories, revealing a larger-than-anticipated decrease. For the week ending September 1st, inventories fell by 6.3 million barrels, surpassing analysts' expectations of a 5.6 million barrel decline. Gasoline and Distillate Stockpiles In addition to the impressive … [Read more...] about U.S. Crude Inventories Decline More Than Expected
Oil Prices Rise as Hurricane Idalia Threatens Gulf of Mexico Production
Crude prices edged higher on Wednesday as Hurricane Idalia approached Florida, posing a risk to oil production in the Gulf of Mexico. Concerns Over Hurricane Idalia Continuous-contract futures for benchmark West Texas Intermediate crude increased by 0.8%, reaching $81.80 a barrel, which is the highest level seen since mid-August. Idalia has intensified into a Category 4 … [Read more...] about Oil Prices Rise as Hurricane Idalia Threatens Gulf of Mexico Production
