Oil & Gas Industry News

Oil rose this week amid signs of a tightening physical market while traders continue to assess lingering Middle East risks.

India has granted marine insurance approval to four Russian firms.

Oil erased earlier losses to top $83 a barrel as a weaker dollar boosted commodities priced in the currency.

Crude oil stocks in the U.S., not including the SPR, stood at 453.6 million barrels on April 19, according to the EIA.

Traders are getting agitated again.

'Following last year's blockbuster $192 billion in U.S. upstream consolidation, 1Q24 would be on track to surpass that record with $51 billion in announced deals,' EIR noted.

'We are all aware of the human and economic cost of war, but ... there is also price to pay for the climate,' Xeneta said.

Oil fluctuated as traders weighed a larger-than-anticipated drop in US crude stockpiles against broader risk-off sentiment.

'Iran is likely to intensify its operations in more easily controlled territory, such as the Strait of Hormuz,' Dryad said.

The merger is expected to potentially give Eni a leading position in the UK continental shelf.