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Canada oil well drilling to contract again in 2016 CALGARY: The number of oil wells drilled in Canada will shrink further in 2016, the Canadian Association of Drilling Contractors said on Wednesday, as the prolonged slump in global crude prices take its toll on the oilfield service sector. The Calgary-based industry body expects 4,728 wells will be drilled next year, down 15 percent from its 2015 forecast and a drop of 58 percent from the 11,226 wells drilled in 2014. US benchmark crude prices have plunged more than 60 percent since June 2014 to trade around $40 a barrel, and many industry observers expect the weakness to persist into next year and beyond. Drilling companies including Western Energy Service Corp and Trican Well Service Ltd have been hardest hit as producers drastically scale back spending on new wells and aggressively negotiate lower contract rates. Operating days in 2016 are expected to fall to 56,260, down 57 percent from 131,021 ...

US oil may slide more to $40.86 SINGAPORE: US oil may slide more to $40.86 per barrel, as it has broken a support at $42.78.The support was provided by the 61.8 percent Fibonacci retracement on the uptrend from the Aug. 24 low of $37.75 to the Oct. 9 high of $50.92. The next support will be at $40.86, the 76.4 percent level.Wave pattern suggests oil will be riding on a wave c, the third wave of a presumed three-wave cycle from the ...
Oil slumps 4pc, nears new 6-year low as glut persists NEW YORK: Oil prices tumbled almost 4 percent on Thursday, accelerating a slump that threatens to test new six-and-a-half year lows, with traders unnerved by a persistent rise in U.S. stockpiles and a downbeat forecast for next year.Benchmark Brent crude fell below $45 a barrel for the first time since August, its sixth decline of a seven-day losing streak of more than $6 a barrel, or 12 percent, in a slump that will vex traders ...
Oil dives again as US stockpiles jump NEW YORK: Oil prices sank Thursday after the US government reported a big jump in US crude-oil inventories, reinforcing worries about the long-running global oversupply. After falling more than $1 Wednesday, US benchmark West Texas Intermediate for delivery in December dropped $1.18, or 2.7 percent, to $41.75 a barrel on the New York Mercantile Exchange, a fresh low since late August.Brent North Sea crude for December delivery, the global benchmark for oil, finished trade at ...
US crude stocks up for 7th week; imports, distillates rise NEW YORK: US crude stocks rose last week as imports jumped, while swollen gasoline stocks decreased and distillates unexpectedly rose as refiners hiked output, data from the Energy Information Administration showed on Thursday.Crude inventories rose by 4.2 million barrels to 487 million in the last week, compared with analysts' expectations for an increase of 1.0 million barrels. Stockpiles have now risen for seven consecutive weeks, nearing a record high above 490 million barrels touched in ...
Oil at 2-1/2-month low on OPEC surplus worry, US inventories NEW YORK: Crude prices hit 2-1/2 month lows on Thursday after the U.S. government reported a stockpile build four times above market expectations and OPEC said its current output could result in a daily surplus of more than 500,000 barrels by next year.Crude futures fell about 3 percent after the U.S. Energy Information Administration said stockpiles rose by 4.2 million barrels last week, citing higher imports. Distillate inventories also climbed unexpectedly as refiners hiked output.The ...
Oil near 2-month low on worries of growing US crude stockpiles NEW YORK: Oil prices fell more than 2 percent on Wednesday to their lowest since mid-September on worries that U.S. government data will show a seventh weekly build in crude inventories.U.S. crude stocks jumped 6.3 million barrels last week, powered by a big rise at the Cushing, Oklahoma, delivery point as higher imports offset increased refinery runs, data from industry group the American Petroleum Institute showed late on Tuesday.Analysts in the Reuters poll had forecast ...


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