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Tag Archives: Oil Prices

Clifford: NM will be OK

Despite dwindling oil prices, New Mexico will be alright. At least, that’s what Tom Clifford, head of the state’s Department of Finance and Administration said to members of the Legislative Finance Committee during their meeting today. In a report from the Associated Press, Clifford stated that although sinking fuel prices will continue to erode revenue, the state still has enough ...

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Oil near six-and-a-half-year low on Japan slowdown, China worry

NEW YORK – Oil prices fell on Monday with U.S. crude near 6-1/2-year lows after No. 3 consumer Japan suffered an economic contraction in the second quarter and China’s slowdown continued to weigh on oil market sentiment. A stronger dollar <.DXY> after the fastest pace of growth in U.S. industrial output in eight months also made greenback-denominated commodities, including crude, ...

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What might prompt a short-covering rally in U.S. oil price? Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Hedge funds remained unusually bearish on U.S. oil prices last week even as the cost of WTI tumbled towards the lowest level since 2009. Hedge funds and other money managers held short positions in WTI-linked futures and options equivalent to more than 193 million barrels ...

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Permian Basin dominates rig counts

Despite being halved in the past year, the Permian Basin’s rig count heads the upswing with more rigs than any other US region. It’s been a rough year for rig counts in every shale play across the country, and the Permian Basin has been no exception. In the past 12 months, capped August 7 2015, the Basin suffered a loss ...

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U.S. crude oil steadies from six-and-a-half-year low

LONDON (Reuters) – U.S. crude oil steadied on Friday after falling to its lowest in almost 6-1/2 years as huge stockpiles and refinery shutdowns heightened concerns about global oversupply. Oil had already tumbled more than 3 percent on Thursday, driven by a report that stocks at Cushing, Oklahoma, the delivery point for U.S. crude futures, rose more than 1.3 million ...

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EOG profit beats Street as cost cuts offset drop in oil prices

EOG Resources Inc reported a better-than-expected adjusted quarterly profit on Thursday as the oil producer successfully slashed well and transportation costs to offset plunging crude prices. The price drop has hamstrung nearly all of the energy industry this past year, forcing many companies to lay off staff and curb spending. While EOG is trimming its capital budget for the year ...

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U.S. shale drillers struggle amid slumping prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON, Aug 7 – North America’s shale drillers are struggling with the renewed slump in oil prices, despite cutting costs, boosting output, and in some cases employing hedging to improve realized prices. Stock prices for most of the main shale drillers have fallen faster than the price ...

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Brent inches up above $50 ahead of U.S. oil stocks data

SINGAPORE – Benchmark Brent crude oil prices inched up just above a key support level of $50 on Wednesday, recovering from multi-month lows, as investors await U.S. oil inventories data to gauge supply. Oil markets paused for a breather after prices tumbled about 20 percent in July because of a supply glut. OPEC continued to pump at record rates in ...

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