Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data
(Reuters) - Oil prices $2 a barrel on Friday because...
(Reuters) - Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand.
Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83%. U.S. West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79%.
Brent finished the week with a gain near 6%, while WTI rose 6.29%.
Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September.
A fourth source familiar with OPEC+ talks said discussions on volume were ongoing and the hike could be smaller.
The U.S. Labor Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2% from 4.1%.
Stocks end sharply lower, booking weekly losses after latest jobs report, tariffs
U.S. stocks closed sharply lower Friday, with major indexes...
U.S. stocks closed sharply lower Friday, with major indexes slumping as investors reacted to data showing jobs growth slowed substantially in July and President Donald Trump’s most recent tariffs.
The Dow Jones Industrial Average fell 542.40 points, or 1.2%, to finish at 43,588.58.
The S&P 500 slumped 101.38 points, or 1.6%, to end at 6,238.01.
The Nasdaq Composite dropped 472.32 points, or 2.2%, to close at 20,650.13.
The number of active hydraulic fracturing crews in the Permian Basin has dropped from 100 at the beginning of the year to around 70 currently, as unstable market conditions take a toll on activity, according to Sam Sledge, CEO of pressure pumper ProPetro. "Increased market uncertainty driven by tariffs and rising OPEC+ production has resulted in more idle capacity than anticipated," Sledge said.
Trans Mountain exploring multiple paths to capacity growth
Canada's Trans Mountain could hold an open season later this year to...
Canada's Trans Mountain could hold an open season later this year to assess shipper interest in increasing pipeline capacity by 5% to 10% through drag-reducing agents, according to CEO Mark Maki. The government-owned operator is also evaluating longer-term projects, including new pumping stations and added pipe segments, that could boost Canada's oil export capacity by as much as 300,000 barrels per day.
O&G firms get more time to comply with EPA methane rule
The Environmental Protection...
The Environmental Protection Agency has published an interim final rule extending compliance deadlines by 18 months for Biden-era methane restrictions on oil and natural gas operations, citing "legitimate concerns" that certain provisions are inoperable. The regulation is also among several Biden-era climate measures the agency is considering repealing.
