Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.
U.S. exports of ultra-light crude, also known as condensate, have doubled since the start of the year, with most shipments headed to Europe, according to traders familiar with the deals and data from an energy consultant.
Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market.
Two big trades in oil options worth nearly $60 million last week boosted volatility in that market and revived speculation among traders that U.S. producers are placing hedges to guard against another price rout this fall.
Oil prices were steady on Thursday as an unexpected build in U.S. gasoline inventories offset a higher than forecast draw in crude stocks.
Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.
Russia's top oil producer Rosneft has signed a memorandum that paves the way for purchasing 30 percent of China National Chemical Corp's [CNNCC.UL], a subsidiary of ChemChina Petrochemical (CCPC), the oil major said on Saturday.
Oil field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of U.S. drilling.
Brent crude oil rose on Wednesday as strong demand and falling stockpiles in the United States pushed prices higher.
A year on from the start of one of the biggest oil price crashes in history, the driving force behind the slide remains intact: there is still too much crude.
Oil prices fell on Monday as the Greek debt crisis helped boost the dollar, making fuel more expensive to holders of other currencies, and as United Nations talks offered a chance for peace in Yemen where crude exporter Saudi Arabia is involved in a civil war.
Crude oil prices fell on Thursday as players took profits from the past two days of gains, turning bearish after the dollar's rise against the euro on Greek debt worries weighed on demand for commodities.
Two leading Indian power firms will build several plants in Bangladesh to produce up to 4,600 megawatts of electricity to ease the country's prolonged power crisis, a senior official said on Saturday.
Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.
Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.
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