Oil pumpjack in the Permian Basin

EnergyUnited States

Oil steadies after three-day drop as traders weigh US-Iran deal

Oil futures rebounded after a three-day sell-off as traders reassessed the chances of a US-Iran deal. Large US shale producers are still holding back on drilling despite higher prices.

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Photo: Quintin Soloviev, CC BY 4.0, via Wikimedia Commons

Energy ·

Oil futures bounced back after three days of selling. Traders were reassessing the chances of a deal between the United States and Iran.

Energy

The average price of WTI crude, the US benchmark, is about $20 a barrel higher than last year. Even so, the biggest US shale producers have kept their drilling spending cautious this year. They cite unprecedented uncertainty in global markets.

In numbers

  • $20WTI average price rise

WTI crude, the past month

$91.77up +2.61%

$104.12$88.126 Oct6 Nov

Energy

Smaller independent producers appear to be using the higher prices to drill more. Diamondback Energy, a top shale producer and the largest focused only on the Permian Basin, signaled this week that it would hold back.

Separately, India plans to require state-owned utilities to add energy storage capacity. Pankaj Agarwal, secretary of India's Power Ministry, said so on Thursday at the Bharat Renewable Energy Summit. The aim is to waste less of the clean power that is generated. India is also preparing more clean energy tenders for storage.

WTI crude$91.77up +2.61%over 1 month
$104.12$88.126 Oct6 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

Also in this story

Brent crudedown −0.49%1 monthDiamondback Energydown −2.92%1 month

$1,000 in WTI crude

Had you put $ into WTI crude a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Who is who

  • Pankaj AgarwalSecretary, Indian Power Ministry

Background

Storage lets utilities save clean power for later instead of losing it when the grid cannot use it.

Where
United States
Published
Section
Energy
Markets
WTI crude, Brent crude, Diamondback Energy

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: Quintin Soloviev, CC BY 4.0, via Wikimedia Commons

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