Oil & Gas

U.S. crude inventories climbed last week by 9.9 million barrels as imports grew to their highest since January and refining rates dropped.

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.

U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history.

U.S. Crude Oil Inventories Jump, OPEC Supply May Be on the Rise

Oil prices on Friday, Nov. 23, reached low levels not seen since October 2017 as waivers on Iran sanctions and rising production from Saudi Arabia and Russia support a surplus scenario.

U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

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.

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 stockpiles fell less than expected last week according to a largely bearish report on Wednesday from the Energy Information Administration, which also showed that gasoline and distillate inventories rose more than expected.

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.