Oil Rises on Expected U.S. Inventory Decline
oil producers will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures were up 10 cents at $55.57 a barrel by 1110 GMT. The contract reached an 18-month high in the previous session, but a strong dollar has shaved off most of those gains. U.S. West Texas Intermediate crude futures were trading at $52.42 per barrel, up 9 cents. "Positive equities and gains in industrial metals this morning, as well as expectations that U.S. crude oil stocks will show a decline ... are ingredients helping to drive a slight gain in Brent crude,"
Pharma-Safe Expands into West Texas
Health and safety services provider Pharma-Safe Industrial Services said it has expanded into the West Texas market through the addition of a new office in Midland. In conjunction with Pharma-Safe’s new office, the company announced that Tony McWilliams will join as the West Texas Area Manager. With more than 20 years of experience, McWilliams will lead business development strategies for health, safety and environmental services and deliver exceptional results to clients. “Tony’s experience will help drive our company’s sales strategy and continued
Vallourec Drilling Products Cuts Roughly 150 Jobs in Texas
. The layoffs come as companies that supply equipment and services to the oilfield are still recovering from a three-year rout in oil prices. Although benchmark crude futures have traded above $60 a barrel for much of the year, they have fallen recently amid concerns of growing supply. On Tuesday, West Texas Intermediate crude futures were trading around $58.74 a barrel. In December, Vallourec said it was considering divesting its drilling products business. A representative from the company did not immediately respond to a request for comment. Vallourec's North American Drilling Products
Oil Heads for Third Straight Weekly Loss
a barrel but later recovered to $34.51, down 44 cents on Thursday's close. The global supply glut that brought prices close to 11-year lows this week means Brent will post losses for a third consecutive year, the first time that has happened since exchange-based oil trading started in the 1980s. West Texas Intermediate (WTI) futures are set for a second straight yearly loss, the first time that will have happened for the U.S. oil pricing benchmark since 1998. "Prices are falling on continued bearish sentiment and maybe WTI has fallen on the conviction that it was priced too high against Brent