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• US drillers cut oil and gas rigs for third week in a row | OKLA adds 2 new rigs
  U.S. energy firms this week cut the number of oil and...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

  
  

  The total oil and gas rig count, an early indicator of future output, fell by one to 539 in the week to August 8th.

  
  

  Baker Hughes said oil rigs rose by one to 411 this week, while gas rigs fell by one to 123, and miscellaneous rigs fell by one to five.

  
  

  Oklahoma was +2 rigs, now at 43 rigs running. In Texas, the biggest oil and gas-producing state, the rig count fell by two to 243, the lowest since October 2021.

  
  

  In the Permian Basin in West Texas and eastern New Mexico, the biggest U.S. oil-producing shale formation, the rig count fell by three to 256, the lowest since September 2021.

  
  

  In the Eagle Ford shale in South Texas, the rig count fell by one to 38, the lowest since October 2021.

  
  
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• Oil holds steady on reports of US-Russia deal
  (Reuters) - Oil largely held steady on Friday as markets...

  (Reuters) - Oil largely held steady on Friday as markets awaited a meeting in coming days between Russian president Vladimir Putin and his U.S. counterpart Donald Trump, but prices marked their steepest weekly losses since late June on a tariff-hit economic outlook.

  
  

  Brent crude futures settled 16 cents higher at $66.59 a barrel, while U.S. West Texas Intermediate crude futures were unchanged at $63.88.

  
  

  For the week, Brent fell 4.4% while WTI finished 5.1% lower than last Friday's close.

  
  

  U.S. crude had fallen over 1% after reports that Washington and Moscow were aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during its military invasion, Bloomberg News reported on Friday.

  
  

  U.S. and Russian officials are working towards an agreement on territories for a planned summit meeting between Trump and Putin as early as next week, the report said, citing people familiar with the matter.

  
  

  The potential meeting raises expectations of a diplomatic end to the war in Ukraine, which could lead to eased sanctions on Russia, and comes as trade tensions have been on the rise between Trump and buyers of Russian oil.

  
  
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• Nasdaq seals fresh record close, Dow and S&P 500 end higher to finish the week
  U.S. stocks ended higher Friday, with the Nasdaq Composite...

  U.S. stocks ended higher Friday, with the Nasdaq Composite finishing at a record peak to close out the week with gains amid optimism over resilient corporate earnings.

  
  

  The Dow Jones Industrial Average rose 206.97 points, or 0.5%, to close at 44,175.61.

  
  

  The S&P 500 gained 49.45 points, or 0.8%, to end at 6,389.45, just shy of its record closing high of 6,389.77 on July 28.

  
  

  The Nasdaq rallied 207.32 points, or a sharp 1%, to finish at 21,450.02.

  
  

  “Equity markets delivered an impressive rebound from last week’s decline, with investors shrugging off labor market worries and a fresh round of tariffs,” said Mark Hackett, chief market strategist at Nationwide, in emailed comments Friday. He pointed to “resilient” corporate earnings and the prospect of interest-rate cuts by the Federal Reserve as offsetting concerns about cracks in the U.S. labor market.

  
  

  For the week, the Dow rose 1.3%, the S&P 500 gained 2.4% and the technology-heavy Nasdaq climbed 3.9%, according to Dow Jones Market Data.

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• Texas cracks down on oilfield theft
  Oilfield theft is surging in Texas, with criminals targeting everything...
  Oilfield theft is surging in Texas, with criminals targeting everything from crude oil in storage tanks to entire derricks, inflicting millions in losses on operators. Railroad Commission of Texas Chairman Jim Wright says thieves are even using internal RRC data to time their heists. In response, the Texas Legislature has passed bills to establish a theft task force, upgrade certain offenses to felonies and authorize inspections of suspicious crude shipments.
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• Israeli security cabinet approved military takeover of Gaza City
  Early Friday morning, following a 10-hour meeting, Israeli Prime Minister...
  Early Friday morning, following a 10-hour meeting, Israeli Prime Minister Benjamin Netanyahu’s office released a statement announcing that a majority of his security cabinet backed his proposal to take over Gaza City. Until this point, Israel has controlled about 75% of the Gaza Strip in its war against Hamas, but the Israel Defense Forces largely avoided ground strikes in Gaza City because it believes that is where Hamas is holding the 20 surviving Israeli hostages. Hamas has previously threatened to execute the captives rather than see them rescued. Families of the hostages have protested against military expansion in Gaza. The statement from the PM’s office said that most security cabinet ministers rejected an alternative plan put forward by the military because they believed it “would neither achieve the defeat of Hamas nor the return of the hostages.”
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