Oil & Gas

U.S. energy firms cut oil rigs for a second week in a row as more producers, like Occidental Petroleum Corp, turned conservative in their 2019 drilling plans due to uncertainty over a recovery in crude prices.

U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row, with the rig count at its lowest since March 2018, as some drillers follow through on plans to cut spending.

U.S. Crude Oil Inventories Fell by 0.5M Barrels Last Week: EIA

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

U.S. Crude Oil Inventories Rise by 1.26M Barrels Last Week: EIA

Oil prices fell on Wednesday amid signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Oil Price Fall on U.S. Crude Inventory Build

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns.

The API reported a small decrease in both gasoline and distillates inventories for the week ending Friday February 15th

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.