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Tag Archives: Oil price

Oil steadies as rising dollar balances stocks draw

LONDON – Oil prices steadied on Thursday after a larger-than-expected draw in U.S. crude and gasoline stocks as well as figures showing a decline in U.S. oil production were balanced by a surge in the dollar. U.S. crude stockpiles fell by 4.2 million barrels in the week to July 24, more than 20 times analysts’ expectations of a decrease of ...

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Oil down as dollar rises, OPEC leaves output target unchanged

LONDON – Oil prices fell on Friday as the dollar rose and after OPEC kept its oil production target unchanged for another six months. The dollar <.DXY> rose more than 1 percent against a basket of other currencies on Friday following strong-than-expected U.S. employment data showing job growth accelerated sharply in May and wages picked up, signs of momentum in ...

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US oil and natural gas rig count drops by 3 to 885

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HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by three this week to 885. Houston-based Baker Hughes said Friday that 659 rigs were seeking oil and 222 explored for natural gas. Four were listed as miscellaneous. A year ago, 1,857 rigs were active. Among major oil- ...

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Drop in price of oil affecting area jobs

WICHITA FALLS, Texas – While the price per barrel of oil continues its downward trend, the number of unemployment claims by workers in the oil and gas industry has gone up. Texas Workforce Commission data shows 6,814 oil and gas workers filed unemployment claims from Nov. 1-Feb. 19, while the total number of claims filed in the state was almost ...

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Oasis updates Bakken plans for 2015

For the coming year, Oasis Petroleum (NYSE: OAS) is changing its focus from production to business management to better weather the current oil price climate, reports The Bakken Magazine. In 2014 the company produced an average of 45,656 barrels of oil equivalent per day (boe/d) compared to 2013’s figures of 33,904 boped, a 35 percent increase. During last year’s fourth ...

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Oil and gas contractor Cal Dive files for bankruptcy

Offshore oil and gas contractor Cal Dive International Inc said the company and its U.S. subsidiaries filed for voluntary bankruptcy protection. Cal Dive’s foreign units have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings, the company said on Tuesday. Cal Dive has been hurt by the slump in crude prices as oil and gas ...

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Russian assets strengthen as Ukraine peace hopes trump weaker oil

MOSCOW – The rouble and Russian stocks rose strongly on Wednesday after Ukrainian troops began to pull out from a besieged town in the Donbass region. At 1450 GMT the rouble was up 1.9 percent against the dollar at 61.29 and 2.1 percent stronger at 69.76 against the euro. The dollar-based RTS stock index was up 4.6 percent to 936 ...

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Stacked rigs and their impact on oil prices

Although the dramatic drop in U.S. rig count alleviated the oil price decline, global investment firm Goldman Sachs said it probably won’t lead to a slowdown in production or help with oversupply. According to a report by CNBC, earlier this week the firm stated in a note that “the decline in the U.S. rig count likely remains well short of ...

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