Oil & Gas Industry News

Oil prices climbed after last week's decline, driven by Middle East tensions and China's economic stimulus, with WTI settling above $70 and Brent over $74 a barrel.

In a report sent to Rigzone today, Bjarne Schieldrop, the Chief Commodities Analyst at SEB, highlighted that the oil market is 'battling' between two things.

Benchmark futures rose as much as 2.2 percent on Monday, following moves in oil and offsetting Friday's losses.

'We project global oil consumption to increase by 7.1 million barrels per day between 2023 and 2035'.

Oil prices saw their steepest weekly decline in over a year due to US efforts to de-escalate the Middle East conflict and weakening demand from China, with West Texas Intermediate falling 8.4% for the week.

'Robots equipped with advanced technologies are yielding increasingly positive results, bringing a continued transformation in the operations of oil and gas companies'.

The U.S. is headed for weeks of abnormally warm weather through the rest of October.

SLB warned that spending growth by oil explorers has waned in the past few months.

Tensions are persisting in the Middle East, Aditya Saraswat, Rystad Energy's Middle East research director, warned.

Crude Futures rose slightly after a steep drop in US crude stockpiles; Meanwhile, Middle East tensions and weak stimulus from China left traders cautious.