Oil rises as US inventory drop offsets rate hike fears

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

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

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 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

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 plc will become operator of the onshore Weaverthorpe gas prospect after exercising a farm-in option and signing a further agreement for the North Yorkshire project. The company has farmed-in on licence PL081 with York Energy (UK)

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 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 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

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 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 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