LONDON (Reuters) -Oil prices extended gains on Monday, boosted by a weaker dollar and tight supplies...
LONDON (Reuters) -Oil prices extended gains on Monday, boosted by a weaker dollar and tight supplies as concerns over gas supply from Russia mounted, offsetting demand fears brought on by a possible recession and China lockdowns.
Brent crude futures for September settlement rose by $2.34, or 2.3%, to $103.50 a barrel by 1235 GMT, having gained 2.1% on Friday.
U.S. West Texas Intermediate (WTI) crude futures for August delivery were up $1.89, or 1.9%, at $99.48 after rising by 1.9% in the previous session
US Drillers Add Oil, Gas Rigs for Second Consecutive Week
U.S. energy firms this week added oil...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, but only incrementally as softening crude prices deter some drillers from returning to the wellpad.
The total oil and gas rig count, an early indicator of future output, rose four to 756 in the week to July 15, its highest since March 2020.
Baker Hughes said that puts the total rig count up 272, or 56%, over this time last year.
U.S. oil rigs rose two to 599 this week, their highest since March 2020, while gas rigs were unchanged for a second week in a row at 153.
