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Oil prices rose on Wednesday. Brent crude rose 77 cents, to $41.30 a barrel, while U.S. WTI crude added 85 cents, to $39.13. Both contracts rose by more than 2% as 2%, as a hurricane closed U.S. offshore oil and gas production and U.S. crude inventories decreased. The storm-related shutdowns may help reduce stockpiles although refineries were also closed, cutting demand.
More than one-fifth of U.S. offshore oil production and exporting ports were shut in lieu of Hurricane Sally which will make landfall on the U.S. Gulf Coast. Sally was upgraded to a Category 2 hurricane and could strengthen further before making landfall late on Tuesday. 21% of offshore crude oil production and 25% of natural gas output were shut in the U.S. Gulf of Mexico.
Oil prices held steady on Thursday. Brent crude rose 0.3% to $45.77 a barrel, having fallen 0.5%, on Wednesday while, U.S. WTI crude inched up 1 cent to $43.40 a barrel. Prices were affected as massive hurricane in the Gulf of Mexico raced towards the heart of the U.S. oil industry, which has forced oil rigs and refineries to shut down production.
Energy firms shut 57.6% of offshore crude oil production in the U.S. Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura. Also, 44.6% of natural gas output was shut ahead of the storms by the federal Bureau of Safety and Environmental Enforcement. Workers have been evacuated from 114 production platforms out of the 643 manned platforms in the Gulf of Mexico.
An order had passed to OFS International, to stop manufacturing and selling six connections which Tenaris alleged were based on confidential information and trade secrets that OFSi stole from Tenaris’s subsidiary by the federal judge. The order prohibits OFSi from developing new connections using Tenaris’s confidential information and requires OFSi to return or destroy all stolen information in its possession.
Oil prices held steady on Friday. Brent crude was up 0.1%, at $44.95 per barrel. U.S. WTI was unchanged at $42.82 per barrel, but on track for about a 2% rise for the week. Prices were on track for a third consecutive weekly gain as major oil producers’ are making efforts to hold back output amid concerns about the pace of economic recovery from the coronavirus pandemic.
Oil prices fell on Wednesday as demand concerns are over weighing the prices. Brent crude fell 40 cents, to $45.06 a barrel. U.S. West Texas Intermediate crude was down 34 cents, at $42.55 a barrel. U.S. crude inventories fell by 4.3 million barrels to about 512 million barrels, more than analyst expectations for a 2.7 million-barrel draw, industry data from the API.
Oil prices were higher on Friday. Brent crude was up 4 cents at $45.00, while U.S. WTI had gained 2 cents, to $42.26 a barrel. Price gained amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide. World oil demand is likely to drop more than the 8.95 million bpd decline expected a month ago.
Oil prices fell on Thursday after the International Energy Agency lowered its 2020 oil demand forecast. Brent crude fell 0.1%, to $45.36 a barrel, and U.S. WTI was down 0.1%, to $42.64 a barrel. Markets are still on the hope of breakthrough on a U.S. stimulus package and keeping watch on frayed U.S.-China ties ahead of trade talks on Aug. 15.
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Brent crude was up 1.2%, at $45.02 a barrel, after falling around 1% on Tuesday. U.S. WTI oil was up 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. Brent crude added 0.5%, to $45.21 a barrel, U.S. WTI crude rose 0.8%, to $42.26 a barrel. Prices found support after U.S. President Donald Trump tweeted that top congressional Democrats wanted to meet with him on coronavirus-related economic relief. A weaker U.S. dollar also helped support higher oil prices.
Oil prices took a hit on Friday, adding to losses from the previous session. U.S. West Texas Intermediate (WTI) crude CLc1 futures slipped 0.41%, to $41.78 a barrel by 0651 GMT, while Brent crude LCOc1 fell 0.38%, to $44.92. The bouncing back of fuel demand depends entirely on the resurgence from the pandemic.
Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections. U.S. WTI crude eased 0.1%, to $42.16, while Brent crude rose nearly 0.2% to $45.25. The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6.
Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases. Brent crude was up by 31 cents, at $44.74 a barrel, its highest close since March. U.S. WTI Crude was up by 26 cents, at $41.96 a barrel, its highest close since late July.
A recent research study published in the IntechOpen publication has suggested that ARNCO series hardbandings developed by US-based Arnco Technology are the best hardbanding materials currently available. The authors emphasized that the latest products ARNCO 350XT and 150XT can guarantee 100% no crack. The paper titled ‘Research Progress of the Drill String Hardbanding Materials’ reviewed the research history and status quo of hardbanding materials on tool joints.
Oil prices climbed on Wednesday after a surprise drop in U.S. crude inventories was enough to offset concerns about U.S. fuel demand amid record increases in COVID-19 infections in some states. Brent crude was up by 0.4%, at $43.40 a barrel. U.S. WTI crude gained 0.3%, to $41.16 a barrel. But, the raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market.
Oil prices were steady on Tuesday. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. Brent crude was unchanged at $43.41 a barrel. U.S. WTI crude fell 14 cents, to $41.46 a barrel. Both benchmarks rose as much as 0.5% earlier in the session. A weakening of the dollar typically helps improve demand as that makes crude cheaper for global buyers.
Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 35 cents, to $43.97 a barrel, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, to $41.53. Oil prices climbed about $1 the previous day, reaching their highest since March 6.