Oil & Gas Industry News

Middle East strikes and soft US inflation report added support.

Norwegian Prime Minister Jonas Gahr Store said the gas-rich nation will continue to hunt for fossil fuels.

That was the question Macquarie strategists, including Walt Chancellor, asked in an oil and gas report sent to Rigzone by the Macquarie team.

'Brent crude spiked to a high of $67.38 per barrel yesterday', SEB Chief Commodities Analyst Bjarne Schieldrop pointed out.

Oil edged higher after Israel launched its first strike in Doha targeting Hamas leadership.

'Another technical retest of $3.20 per million British thermal units may be coming this morning', Eli Rubin, an energy analyst at EBW Analytics Group, said.

North America added seven rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Oil futures steadied as OPEC+ approved a modest production hike while Saudi Arabia cut prices to Asia.

The ceremony will take place on March 5 in Aberdeen.

'Brent's outperformance relative to our forecast is largely due to the lopsided build in global inventories', J.P. Morgan analysts said.