Oil & Gas

U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.

Department of Energy Announces $39 Million for Oil and Natural Gas R&D Projects

U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with crude futures up more than 40 percent so far this year.

Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.

Oil Rally Halts After Another Big Build in U.S. Crude Stockpiles

Royal Dutch Shell Plc on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies, citing its support for the goals of the Paris climate agreement.

U.S. energy firms this week reduced the number of oil rigs operating to their lowest in nearly a year, cutting the most rigs in a quarter in three years despite a 30 percent hike in crude prices so far in 2019.

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.

U.S. Crude Oil Inventories Fell by Most Since July Last Week: EIA