Oil prices climb on hopes for Fed slowing interest rate hikes

Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand.

Brent LCOc1 futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude CLc1 advanced 54 cents to $80.87 per barrel, a 0.7% gain.

The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1.

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:
Share on facebook
Share on twitter
Share on linkedin

More articles like this

Egdon buys Aberdeen-based onshore oil firm Aurora

Egdon Resources has acquired Aberdeen based onshore oil firm Aurora Production. Despite having no assets in Scotland, Aurora is “is a UK petroleum exploration and development company based in Europe’s energy capital Aberdeen,” according to its website. Aurora’s

Bullish forecasts see oil prices increasing to $115/bbl

As COVID-19 restrictions ease, demand for oil is expected to recover by almost 2 million bpd in 2023, with China’s surging oil consumption accounting for half of the growth. While Chinese demand and Russian supply will determine the

Oil holds gains on China rebound

Oil prices inched up in early Asian trade on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world’s top oil importer, which offset worries about a rise in

Egdon Resources acquires Aurora Production (UK) Limited

Egdon Resources plc (LON:EDR) has advised that further to the announcement of 20 December 2022 it has completed the acquisition of the entire issued share capital of Aurora Production (UK) Limited from Aurora Petroleum Limited. Aurora Production is

Oil prices stabilise

Oil prices stabilised on Thursday after Brent crude posted its biggest one-day loss for seven weeks in the previous session, with gains on Russian supply curbs capped by an expected rise in U.S. inventories. Brent crude futures rose

Egdon looks at North Yorkshire gas prospect

Egdon Resources signed an option agreement for the onshore production licence PL081, which includes the Weaverthorpe gas prospect. Under the agreement with York Energy (UK) Holdings Limited, Egdon has six months to elect to farm into the licence. During

Egdon Resources signs farm-out option for Weaverthorpe gas prospect

Egdon Resources plc has signed an option agreement for onshore production licence PL081 containing the Weaverthorpe gas prospect in North Yorkshire. WEAVERTHORPE The company’s agreed the option with York Energy (UK) Holdings Ltd for six months beginning 3 February

Oil rises on China outlook

Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude

Oil prices rise today

Oil prices rose on Wednesday as signs of slowing inflation in the United States eased fears that the world’s largest oil user may face a recession because of further interest rate hikes and a weaker dollar supported some

Egdon Resources reports increase in revenue and progress

Egdon Resources plc reported a rise in revenue and progress across its UK-based onshore and offshore oil and gas assets in its recent business report for its general meeting. The unaudited revenue for the five months from August

Oil prices extend gains

Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that the lifting of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer. Brent crude LCOc1 futures firmed 63 cents,

No more posts to show