This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery shot up $1.55 to $47.89 on the New York Merc, while Brent for September added $1.60 to $50.20, its first time closing above $50 in seven weeks (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.85 to WTI ($38.04), unchanged. Natural gas for August added four cents to $2.94. The TSX energy index added 4.77 points to close at 175.94.

Oil prices rose amid signs of a slowdown in the U.S. shale boom, as well as Saudi Arabia's pledge to cut its crude exports next month. In the United States, Anadarko became the first U.S. oil major to cut its 2017 capital budget, citing low oil prices. This cut came just one day after the executive chairman of Halliburton, Dave Lesar, told investors during a conference call that "rig count growth is showing signs of plateauing" across North America. Meanwhile, Saudi Arabian Energy Minister Khalid Al-Falih said his country would limit its crude exports to 6.6 million barrels a day in August. That represents a reduction of nearly one million barrels a day from the same period last year.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS