Market Currents: Chinese oil inventories trump Nigeria export concerns
After breaking technical support at $44, crude is charging lower to start a new week, once again weighed down by oversupply fears. As short positions build in the latest CFTC data, crude heads lower. Hark,...
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Workers say force majeure by Exxon Mobil in Nigeria may last weeks
Exxon Mobil has denied that militants bombed the facility July 11 and cited a “system anomaly.” Source: FuelFix
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U.S. rig count jumps up again with 15 more Texas rigs
The energy sector added 15 rigs overall in the U.S. to bring the total count up to 462 rigs, up from a low of 404 rigs in May, according to data from the Baker Hughes...
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Schlumberger begins switch to offense after calling the ‘bottom’ of the bust
Chairman and CEO Paal Kibsgaard said Friday the “challenging” negotiations have begun to undo the deep discounts offered to oil producers during the downturn for services companies to maintain or grow their market shares. But...
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Market Currents: Iran crude oil loadings drop in June
Crude is heading lower into the weekend as supply glut fears persist, while further endorsement of a sell-off is provided by a stronger dollar. Hark, here are seven things to consider in crude markets today:...
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