Oil on the Rise: IEA Boost and Dollar Dip Fuel Crude Comeback

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Daily Bulletin

Lone Star Stories

• Oil on the Rise: IEA Boost and Dollar Dip Fuel Crude Comeback

Oil prices climbed about 1%, reaching a one-week high, driven by the International Energy Agency (IEA) raising its oil demand growth forecasts for 2023 and 2024, and a weakening U.S. dollar following reports of slowing inflation in the U.S. Brent and West Texas Intermediate (WTI) crude both saw increases, with Exxon Mobil ramping up production in Guyana and optimism about resuming oil exports from Iraq, contrasting with a predicted slight decrease in U.S. crude stockpiles.

• Gas Prices Glide Downward: U.S. Fuel Costs Dip as Oil Demand Wane

U.S. gasoline prices continued to decline for the eighth consecutive week, dropping to a national average of $3.33 per gallon, with diesel prices also decreasing to $4.34 per gallon. This decline reflects a combination of seasonal changes in driving habits and potential economic challenges impacting fuel demand. Meanwhile, oil prices slightly dipped in early trading, with West Texas Intermediate crude at $77.12 per barrel and Brent crude at $81.42 per barrel. OPEC's modest increase in its 2023 oil demand growth forecast didn't significantly boost market confidence, as geopolitical risks involving Israel and Hamas show signs of de-escalation.

Reader Question of the Day

How are companies minimizing the ecological footprint of seismic surveys?

Companies are getting smarter about doing seismic surveys without leaving big footprints on Mother Nature. First up, they're using new tech that's less disruptive. Imagine swapping out big, noisy machines for quieter, more precise tools. This means they can still get a good look underground without causing too much ruckus for wildlife or the environment. It's like using a gentle tap on the shoulder instead of a loud shout to get someone's attention.

They're also planning their surveys super carefully to avoid sensitive times and places. This is like scheduling a party when it won't disturb the neighbors. By picking the right time and place, they make sure they're not bothering animals during important moments like migration or breeding. It's all about being respectful guests in nature's home, getting the info they need while keeping the peace.

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