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Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.
U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.
According to Offshore Energy, ConocoPhillips has delineated its Slagugle oil discovery located in the Norwegian Sea, constraining the recoverable hydrocarbon volume of the main segment. The 6507/5-11 appraisal well – on oil discovery 6507/5-10 S (Slagugle) – was drilled in PL891 in the Norwegian Sea, about 22 km northeast of the Heidrun field and 0.75 km south-southeast of the discovery well. ConocoPhillips is the operator of the license with an 80 percent interest and Pandion Energy is its partner with the remaining 20 percent.
The Petroleum Safety Authority Norway has given ConocoPhillips consent for exploration drilling in block 6306/3 in the Norwegian Sea.
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(Reuters) -An $88 million satellite backed by billionaire Jeff Bezos that detected oil and...
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