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Tag Archives: Oil Prices

ND oil rig count drops below 100 for first time in 5 years

BISMARCK, N.D. — The number of drill rigs in western North Dakota’s oil patch has slipped below 100 for the first time in five years due to the sagging price of crude. There were 98 rigs drilling in North Dakota on Wednesday. That’s exactly 100 fewer than on the same day one year ago and the lowest since March 2010. North ...

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Oil price fall forces North Dakota to consider austerity

BISMARCK, N.D. — Two years ago, North Dakota was so flush with money from the energy boom that lawmakers spent over $1 million to spruce up the cafe at the state Capitol. Now, the fall in oil prices has tightened the revenue tap and the nation’s fastest-growing state is contemplating a dose of austerity. The price of North Dakota sweet ...

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Brent oil rises as euro gains against dollar

LONDON – Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone’s top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making dollar-traded commodities more attractive ...

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IHS cuts its forecast as demand dips from energy clients

Business research firm IHS Inc slashed its full-year revenue and adjusted profit forecast due to a strong dollar and spending cuts by oil producers amid a slump in crude prices. The company’s shares fell as much as 10 percent in early trading on Tuesday. IHS gets about 40 percent of its revenue from energy companies, many of which have reduced ...

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Oil prices drop as China factory activity falls to 11-month low

SINGAPORE – Oil prices edged lower in early Asian trade on Tuesday after activity in China’s factory sector fell to an 11-month low, stoking worries over the strength of the world’s No.2 economy. The flash HSBC/Markit Purchasing Managers’ Index (PMI) dipped to 49.2 in March, below the 50-point level that separates growth in activity from a contraction on a monthly ...

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Myth vs. Reality: The top 5 oil and gas-related misconceptions

Misconceptions

With the oil and gas industry being as robust as it is, there are bound to be some highly popular misconceptions that come along with it. We’ve all heard them before, whether it be from people working in the industry or those simply benefiting from it. Whether it is the common belief that gas prices rise across the country due ...

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Oil prices drop after Saudi Arabia says it will not cut output alone

SINGAPORE – Oil prices dropped around a percentage point in early Asian trade on Monday after Saudi Arabia said over the weekend that it would not unilaterally cut its output to defend prices. Since oil prices started to fall in June 2014, many analysts have expected Saudi Arabia, OPEC’s biggest producer, to curb its output. Yet Riyadh has so far ...

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Oil markets, strong production lead US gas prices lower

CAMARILLO, Calif. — The average national price of a regular gallon of gasoline has dropped 4 cents in the last two weeks to $2.50. Industry analyst Trilby Lundberg said Sunday that falling oil prices and strong production at U.S. refineries led to lower numbers at the pump. The drop during the two-week period ended Friday comes despite labor strikes at ...

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Saudi looking beyond oil price slump as rig count spikes

DUBAI/KHOBAR, Saudi Arabia – As the global energy industry stares transfixed at a spectacular drop in U.S. rigs, Saudi Arabia is ramping up the number of machines drilling for oil and gas despite a sharp fall in the price of crude. Industry sources and analysts say the OPEC kingpin is looking beyond the halving of global oil prices since June ...

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Ex-Soviet states battle challenge of low oil prices

ASTANA – The three main members of the Russian-led Eurasian Economic Union face a big economic challenge from the fall in global oil prices, Kazakh President Nursultan Nazarbayev said on Friday. But, speaking before talks in the Kazakh capital Astana with Russian President Vladimir Putin and Belarussian President Alexander Lukashenko, Nazarbayev said the situation had become more stable. Belarus and ...

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