Oil settles higher for a 4th session in a row
Oil futures on Tuesday posted a fourth consecutive gain, building on a rally that has lifted prices to their highest levels in three months in the wake of a “phase-one” U.S.-China trade deal. Click here to read more from MarketWatch.
US proved oil & gas reserves hit new record high
Higher oil and natural gas prices in 2018 raised the proved reserves of oil and gas in the United States to new all-time highs last year, the Energy Information Administration (EIA) said in its new annual report. Oil and natural gas proved reserves beat the previous record from the previous year, when rising prices and continued shale resource development in 2017 helped push U.S. reserves to what was then record high volumes. Click here to read more from Oilprice.com.
Syria hands oil exploration contracts to two Russian firms
Syria’s parliament has approved contracts for oil exploration with two Russian companies in an effort to boost production hit by more than eight years of war and Western sanctions. State news agency SANA said the deals cover exploration and production in three blocs, including an oilfield in northeast Syria and a gas field north of the capital Damascus. Click here to read more from Reuters.
China’s oil imports are most world’s ever seen and still growing
China is breaking records for crude oil imports and isn’t likely to stop soon as new refineries ramp up and hopes grow that the easing of trade tensions with the U.S. will bolster the economy. Even as economic expansion has slowed, the pace of growth still requires ever more oil. Click here to read more from Bloomberg.