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Oil and Gas Bankruptcy Update: Samson Resources Haynes and Boone has tracked 114 North American oil and gas producers that have filed...
Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.
Brent crude futures for October delivery, which expire on Friday, settled $1.14 lower, or 1.43%, at $78.80 a barrel, marking a decline of 0.3% for the week and 2.4% for the month.
U.S. West Texas Intermediate crude futures settled down $2.36, or 3.11%, to $73.55, a drop of 1.7% in the week and a 3.6% decline in August.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is set to proceed with a planned oil output hike from October, as the Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
U.S. stocks ended higher Friday, with the Dow Jones Industrial Average notching a fresh record peak ahead of Labor Day weekend.
The Dow rose 228.03 points, or 0.6%, to close at 41,563.08.
The S&P 500 climbed 56.44 points, or 1%, to finish at 5,648.40.
The Nasdaq Composite advanced 197.19 points, or 1.1%, to end at 17,713.62.
All three major U.S. stock indexes accelerated their climb, approaching the closing bell to finish August with monthly gains.
The Dow rose 1.8% for the month, while the S&P 500 jumped 2.3% and the technology-heavy Nasdaq Composite increased 0.6%, according to Dow Jones Market Data. The Dow and S&P 500 each logged a fourth straight month of gains, as investors on Friday weighed a fresh reading on U.S. inflation that was largely in line with Wall Street's expectations.
The U.S. stock market will be closed Monday in celebration of Labor Day.
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By Felicity Bradstock for Oilprice.com| Many countries need to invest heavily in upgrading their...
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Baker Hughes, Hunt Energy, and Argent LNG are forming a partnership to create a...
Yuka Obayashi and Katya Golubkova | TOKYO (Reuters) -U.S. President Donald Trump said on...
Merger and acquisition activity in the U.S. upstream oil and gas sector slowed significantly...
By Felicity Bradstock for Oilprice.com | The United Nations Development Programme (UNDP) and the...
The U.S. oil and gas industry is riding a line between productivity and paralysis....
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