Oil notched its first back-to-back weekly gain since February amid optimism around production cuts beginning to eat into a massive supply glut.
Futures in New York climbed 25% this week. Explorers are cutting production in response to crude oil trading in the $20-a-barrel range. EOG Resources Inc is cutting about a quarter of its oil production for May in one of the biggest US shale retrenchments to date.
The number of US rigs drilling for oil fell to a level not seen since before the shal ....
11 May 2020
Cenkos: Oil & Gas Sector -- Diversified Gas & Oil, 88 Energy, XCD Energy, PetroTal, Jersey Oil & Gas, Africa Oil Corp, Zenith Energy, Tethys Oil, Independent Oil & Gas, Repsol, Touchstone Exploration, Cadogan Petroleum
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Cenkos: Oil & Gas Sector -- Diversified Gas & Oil, 88 Energy, XCD Energy, PetroTal, Jersey Oil & Gas, Africa Oil Corp, Zenith Energy, Tethys Oil, Independent Oil & Gas, Repsol, Touchstone Exploration, Cadogan Petroleum
Falcon Oil & Gas Ltd. (FOG:LON), 6.8 | 88 Energy Limited (88E:LON), 0.2 | Diversified Energy Company PLC (DEC:LON), 1,082 | Empyrean Energy PLC (EME:LON), 0.5 | Trinity Exploration & Production Plc (TRIN:LON), 39.5 | Tethys Oil AB (TETY:OME), 0 | Barryroe Offshore Energy PLC (PVDRF:OTC), 0
- Published:
11 May 2020 -
Author:
James McCormack -
Pages:
6
Oil notched its first back-to-back weekly gain since February amid optimism around production cuts beginning to eat into a massive supply glut.
Futures in New York climbed 25% this week. Explorers are cutting production in response to crude oil trading in the $20-a-barrel range. EOG Resources Inc is cutting about a quarter of its oil production for May in one of the biggest US shale retrenchments to date.
The number of US rigs drilling for oil fell to a level not seen since before the shal ....