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Shares of Transocean fell more after Borr Drilling announced it will acquire 15 of Transocean's rigs in a deal valued at $1.35 billion.
Here's why oil prices will continue to fall, at least in the short-term, says Andy Lipow.
OPEC and oil producers should focus on being a competitive, flexible and reliable suppliers. Further cuts will only weaken their position.
From the China Development Forum in Beijing, SABIC CEO Yousef Abdullah Al-Benyan talked collaboration between Chinese and Saudi firms.
Months after a deal to curb production, oil looks flat and cash-hungry crude producers are struggling to manage the fallout.
Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64 percent of promised cuts in February.
Russia will further reduce its oil output to match a global oil cuts deal that expires in June.
King Salman oversaw the signing of deals as the world's largest oil exporter looks to cement ties with the world's second-largest economy.
Australia may spend up to A$2 billion to expand a huge hydro power scheme, although the main owners of the dam have yet to be consulted.
"Prices have just kind thrown in the towel in the last week," says ClipperData's Max Smith.
Demand for oil is expected to drop in 2017, the International Energy Agency said in a report on Wednesday, raising further problems for producers as they try to ramp up prices.
OPEC's production deal appears on shaky ground, as Saudi Arabia's deputy crown prince visited the White House.
More than two years after oil prices crashed, the sector is enjoying a revival thanks to a gradual rise in prices and an easing of credit.
A recovery in U.S. oil output may deter OPEC and non-OPEC producers from extending production cuts beyond June and may lead to a price war.
Oil could easily hit 2016 lows. Here's what could crater the market, says John Kilduff.
Trilby Lundberg said that despite the rise, gas prices are poised to dip slightly because crude oil costs are falling and refinery production is strong.
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