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Tag Archives: Oil Prices

Oil falls toward $65 on signs of U.S. shale oil recovery

LONDON – Oil slipped toward $65 a barrel on Monday as signs that U.S. shale oil production was recovering after a recent price rally renewed concerns of a growing global supply glut. China’s latest move to bolster its economy offset some of the losses as it raised hopes that the world’s top energy consumer would help absorb supplies. Brent crude ...

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Oklahoma oil firms drilling but waiting to complete wells

OKLAHOMA CITY — Oklahoma energy companies are still drilling in spite of low oil prices, but they are putting off costly practices such as hydraulic fracturing until prices recover. Drilled uncompleted wells are a new trend in the oil patch, led both by lower oil prices and the drastic technological and procedural changes the industry has experienced over the past decade, ...

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Oil rally snaps as ample supplies outweigh U.S. stock draw

NEW YORK – Oil fell 2 percent on Thursday, wiping out gains from the past two sessions, as euphoria from the first U.S. inventory drawdown in months faded and focus returned to oversupplies in crude and gasoline. A stronger dollar also weighed on the energy complex, making raw materials became less affordable to holders of the euro and other currencies. ...

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Oil prices on rise, supply remains abundant

Duncan’s average price per gallon of gasoline may have dropped two cents since yesterday to $2.46, but it’s still about 10 cents higher than last week. While gas prices have been on the increase in Duncan and across the state recently, Duncan’s average is still $1.10 cheaper than this time last year, according to AAA Oklahoma. The statewide average is ...

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Permian producers see growth

Two of the biggest independent oil companies focused on the Permian Basin say they might start adding drilling rigs in the coming months, spurred by a rise in oil prices and confidence the downturn has passed its bottom. EOG Resources reported plans Tuesday to start adding drilling rigs once oil stabilizes at $65 per barrel. Pioneer Natural Resources on Wednesday ...

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Oil’s bull run hides a deep disconnect, crude traders warn

LONDON – While oil futures prices rebound with vigor as analysts cite strong demand, the physical crude market tells a much more cautionary tale. Tens of millions of barrels are struggling to find buyers in Europe with traders of West African, Azeri and North Sea crude blaming poor demand. The deep disconnect between the oil futures and physical markets looks ...

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Low energy prices rock Stone’s performance

LAFAYETTE, La. — Plunging energy prices slashed the value of Stone Energy Corp.’s oil and gas properties and sent the Lafayette-based company to a first-quarter paper loss of $327.4 million, or $5.93 per share. The first-quarter results included a $314.5 million after-tax write-down of its oil and gas properties. Without that charge, Stone lost $12.9 million, or 23 cents per ...

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Rising oil prices put U.S. driving recovery at risk: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – U.S. gasoline demand is running around 300,000 barrels per day above last year’s level, as lower pump prices and continued economic expansion encourage motorists to use their cars more. Estimates for gasoline supplied to U.S. customers published by the Energy Information Administration (EIA) show demand ...

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Russian rouble kicks higher on oil surge, weak forex demand

MOSCOW – Russia’s rouble gained on Tuesday as oil climbed to its highest price this year and demand for foreign currency slackened after a four-day holiday weekend when Russian markets were closed. At 1407 GMT, the rouble was around 1.9 percent stronger against the dollar at 50.72 and 2.7 percent higher against the euro at 56.39. The discrepancy was largely ...

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