Energy Sector

Rising Stockpile Worries make Oil Prices Retreat

Rising Stockpile Worries make Oil Prices Retreat

On Thursday, oil prices extended its losses following a U. S. supply data that revealed increasing stockpiles and obstinately high rate of production. That made oil prices retreat farther away from the $40 per barrel range and strike the view of bullish investors who were hoping for a reversal to start in the crude oversupply worrying the world.

U.S Benchmark Crude Futures Rise

U.S Benchmark Crude Futures Rise

On Tuesday, oil prices rallied in early Asian trade. That added to the gains from the earlier session as data revealed that U.S. crude stockpiles dropped for the first time since January. The commodity prices also strengthened in a boarder sense.

At 0026 GMT, the May U.S. crude futures were up 10 cents at $41.62 per barrel. Earlier the April delivery gained 47 cents or 1.2 percent and settled at $39.91 before it expired on Monday. On Monday, the May contract finished 38 cents up at $41.52.

US Oil Rig Count Climbed this Week with Crude Prices Dropping From Its 2016 Highs

US Oil Rig Count Climbed this Week with Crude Prices Dropping From Its 2016 High

Supply glut concerns are back as the U. S rig counts were on their way up for the very first time since December. On Friday, the crude oil prices settled lower stealing the gains that were seen following a proposal to freeze the output which helped the market to climb to its 2016 highs.

Energy Transfer Equity Denies Intention of Selling Controlling Interest in Sunoco

Energy Transfer Equity Denies Intention of Selling Controlling Interest in Sunoc

Energy Transfer Equity denied report that said it was holding talks with potential buyers to sell its controlling interest in Sunoco LP. The company said it has received many queries from likely buyers since in 2012, the time it acquired the gas station and convenience store operator.

Federal Officials Dedicate Miles of New York Coast for Developing Wind Power Project

Federal Officials Dedicate Miles of New York Coast for Developing Wind Power Pro

On Wednesday, hundred and twenty five square miles or more was dedicated for the development of commercial wind energy in the waters off the coast of Long Island by the Federal officials. That marks an added effort towards moving closer to renewable energy proposal that was initially created by New York utilities.

U.S Rigs Exploring Oil and Natural Gas Drop to an All Time Low This Week

U.S Rigs Exploring Oil and Natural Gas Drop to an All Time Low This WeekDropping to its record low of 480, the U. S oil and natural gas rigs in the U. S. dropped by nine this week.

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