Oil extends gains on OPEC+ supply discipline

Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.

Brent rose 83 cents, or 1.2%, to $71.08 a barrel by 1121 GMT. U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 1%, at $68.41.

“The strong demand dynamics and likely delays in the Iran nuclear deal negotiations pushed oil prices above the much-watched $70 per barrel level,” said Norbert Rucker, analyst at Swiss bank Julius Baer.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn

More articles like this

Oil prices continue to climb toward $100

Oil prices are continuing to climb toward the $100 mark this week thanks to supply disruptions in Libya and expectations of a further U.S. inventory draw. As the oil markets anticipate US inflation data for August

Egdon Resources updates on Cloughton gas in place

Egdon Resources plc (LON:EDR), the UK Energy Company, has noted the press release made this morning by Europa Oil and Gas (Holdings) plc in relation to the Cloughton gas discovery in PEDL343 where Egdon holds a

Oil ticks higher

Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs this week

Artificial lift aims to improve oil production at Wressle

Egdon Resources plc has started to install artificial lift on the Wressle-1 oil well to optimise production at the joint venture project in North Lincolnshire. The partners on PEDL180 and 182 comprise Egdon (30%), Europa Oil &

Egdon Resources sale progresses with satisfaction of NSTA condition

Egdon Resources sale to Petrichor Partners LP has progressed following satisfaction of the oil and gas regulator’s condition. The purchaser has confirmed receipt of the North Sea Transition Authority’s ‘comfort letter’ in relation to the acquisition, said Egdon

Global oil demand hits record and may rise further

The International Energy Agency (IEA) says that global oil demand has hit a record and may rise further in August, reports the Financial Times. The paper continues: “Demand reached an all-time high of 103m barrels a

Egdon Resources exercises UK North Sea farm-in option

Egdon Resources PLC on Monday said it has exercised its farm-in option for the onshore production licence PL081 in the UK North Sea under its agreement with York Energy (UK) Holdings Ltd in early February. The

Egdon Resources exercises option to farm-in at PL081

Egdon Resources plc (LON:EDR), the UK Energy Company, has advised that it has exercised the option to farm-in to onshore Production Licence PL081 under the terms of the Farmout Option Agreement with York Energy (UK) Holdings Limited

Egdon transfers Cloughton shale gas licence to Europa

Egdon Resources has confirmed the transfer of the operation of its Cloughton shale and tight gas licence to Europa Oil & Gas. The licence, PEDL343, is in the Cleveland Basin, north of Scarborough in North Yorkshire.

Oil on track for biggest monthly gains in over a year

Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply. Brent crude futures

Oil prices rebound

After dipping on Wednesday, oil prices rebounded earlier today as traders refocused their attention on signs of supply tightness, brushing aside the Fed’s latest rate hike. Brent crude was trading above $83 per barrel and West Texas Intermediate was

Oil steady on lower US crude stocks

Oil prices were little changed on Thursday as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious. September Brent futures climbed 6 cents, or 0.1%, at $79.52 a barrel

Oil steadies amid economic concerns

Oil prices barely moved on Wednesday as markets weighed a possible build in U.S. crude stockpiles and economic concerns against planned supply cuts by the world’s biggest oil exporters and hopes for higher global demand. Brent