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Oil Slips as Weaker IEA Demand Outlook Offsets Rate Cut Hopes

(Reuters) – Oil slipped on Friday as a forecast of slowing demand by the International Energy Agency offset support from geopolitical tensions and hopes that the U.S. Federal Reserve might cut interest rates sooner than expected. Weighing on sentiment, the IEA said on Thursday that global oil demand growth was losing momentum and it trimmed its 2024 …

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U.S. Natgas Drillers Cut Spending, Reduce Activity Amid Price Crash

U.S. natural gas producers are slashing spending and reducing drilling activity following a sharp decline in prices, companies said this week during earnings presentations and analyst calls. For months of relatively low gas prices, many producers kept output mostly steady on expectations that demand would rise in 2024 and 2025 when several liquefied natural gas …

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Oil Holds Firm on OPEC Demand Forecast and U.S. Fuel Stocks

(Reuters) – Oil prices were little changed on Wednesday, holding on to Tuesday’s gains on a robust demand growth forecast from OPEC and a sharp decline in U.S. fuel stocks. Brent crude futures rose by 12 cents, or 0.14%, to $82.89 a barrel by 1235 GMT. U.S. West Texas Intermediate (WTI) crude futures were up …

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Oil Slips After Rally Last Week on Middle East, Right Supply

(Reuters) – Oil prices slipped on Monday as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets. Brent crude futures were down 82 cents, or about 1%, at $81.37 a barrel, while U.S. West Texas Intermediate crude futures …

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U.S. Drillers Add Oil and Gas Rigs for Third Time in Four Weeks – Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by 4 to 623 in the week to Feb. 9, its …

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Oil Heads For Weekly Gain as Middle East Conflict Rages Unabated

Summary Israeli forces intensify strikes on Rafah city Russia exports more crude in Feb after refinery attacks US sanctions firms, tanker over Russia price cap violation (Reuters) – Oil prices were on track for over 5% gains week-on-week on Friday, amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas. …

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Top Biden Official to Defend LNG Pause in Senate Hearing

Reuters WASHINGTON, Feb 8 (Reuters) – A top U.S. Department of Energy official is set on Thursday to defend President Joe Biden’s pause on approvals of liquefied natural gas (LNG) exports at a Senate hearing called by a fellow Democrat who said he will investigate the decision. Deputy U.S. Energy Secretary David Turk will testify before the …

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Oil Rises on Gaza Ceasefire Rejection and U.S. Stock Data

(Reuters) – Oil prices gained ground on Thursday as investors considered the impact of Israel’s rejection of a ceasefire offer from Hamas and unexpected drops in U.S. fuel stocks. Brent crude futures rose 81 cents, or 1.02%, to $80.02 a barrel by 1239 GMT. U.S. West Texas Intermediate crude futures were up 72 cents, or …

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Big Oil Offers Record Returns to Lure Investors back

Summary Sector offered record returns of $111 bln in 2023 Yet profits dropped sharply from 2022’s peak Boards promise discipline, stability amid uncertain outlook (Reuters) – Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the …

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Oil Steady as Mideast Strikes Compete with Rate Cuts Caution

Summary Positive U.S. jobs report could delay rate cuts US plans further strikes against Iran-backed groups Ukraine hits Russia’s Volgograd refinery in latest drone attack (Reuters) – Oil prices were steady on Monday following sharp falls last week, after Washington pledged to launch further strikes on Iran-backed groups in the Middle East and a strong …

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