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Baker Hughes Economy report service Top News U.S. 

U.S. oil service results to top last year as investors eye margin outlook

July 20, 2017 By Liz Hampton HOUSTON (Reuters) – U.S. oilfield service companies’ second-quarter earnings should easily top last year’s depressed results, but a near 15 percent slide in oil prices since January has weakened the outlook for the second half of the year. Earnings for suppliers of land drilling rigs, tubing and hydraulic fracturing services in North America, where expanding shale production is driving revenue, are expected to improve over a year earlier. However, international and offshore operations continue to be pressured by low oil prices, analysts and consultants…

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Baker Hughes Business Exclusive Halliburton Russian 

Exclusive: Halliburton in talks to buy billionaire Kaiser’s equipment firm – sources

June 28, 2017 By Gary McWilliams and Liz Hampton HOUSTON (Reuters) – Halliburton Co is in late-stage talks to acquire a fast-growing U.S. oilfield equipment supplier backed by Oklahoma energy and banking billionaire George Kaiser, according to sources familiar with the matter. The move comes after the No. 2 oilfield services company was rebuffed in two earlier efforts to acquire similar products. Houston-based Halliburton has set its sights on Summit ESP Inc, said the sources, who spoke in recent days. The people spoke on condition of anonymity because the discussions…

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Oil rises above $52 as Saudis, Russia back longer supply cut

May 15, 2017 By Alex Lawler LONDON (Reuters) – Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed. Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Brent crude, the global benchmark, had risen…

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Oil jumps after Saudis, Russia say supply cut to be extended to March 2018

May 15, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices jumped on Monday after the energy ministers of top producers Saudi Arabia and Russia jointly said that an OPEC-led crude production cut would be extended from the middle of this year until March 2018. Brent crude was at $51.66 per barrel at 0410 GMT, up 82 cents, or 1.6 percent, from its last close. U.S. West Texas Intermediate (WTI) crude was at $48.67 per barrel, up 82 cents, or 1.7 percent. Saudi Energy Minister Khalid al-Falih and his Russian…

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Oil near flat in strong week for crude

April 13, 2017 By Julia Simon NEW YORK (Reuters) – Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks recouped more of March’s losses on increased hopes world supply and demand were nearing balance. At the same time, the U.S. oil rig count rose to its highest level in two years, threatening the rebalancing of markets. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to April 13, bringing the total count up to…

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Crude oil eases for second day on rising U.S. production

April 13, 2017 By Naveen Thukral SINGAPORE (Reuters) – Crude oil futures slid for a second session on Thursday, moving away from a one-month high touched briefly in the last session as rising U.S. production stoked worries about global oversupply. Benchmark Brent crude futures slid 4 cents, or 0.1 percent, to $55.82 a barrel by 0231. The market had climbed to a one-month high of $56.65 on Wednesday before losing ground. U.S. West Texas Intermediate crude futures were down 5 cents, or 0.1 percent, at $53.06 a barrel. They touched…

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Oil prices edge lower as rebound in Libyan production weighs

April 4, 2017 By Jane Chung SEOUL (Reuters) – Oil prices edged lower in early Asian trading on Tuesday as a rebound in Libyan production put pressure on the market, along with a rise in U.S. drilling rig capacity that signals potential for increased supply. International Brent crude futures were trading down 3 cents at $53.09 a barrel at 0141 GMT from the previous session. U.S. benchmark West Texas Intermediate crude oil prices was down 1 cents to $50.23 a barrel. “Crude oil prices fell as increased drilling in the…

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Oil touches three-month lows, as U.S. supply swells

March 13, 2017 By Amanda Cooper LONDON (Reuters) – Oil hovered around three-month lows on Monday, as rising U.S. inventories and drilling activity offset optimism over OPEC’s efforts to restrict crude output. Brent crude was up 4 cents on the day, at $51.41 a barrel by 0953 GMT, having hit a session trough of $50.85, its lowest since Nov. 30. U.S. West Texas Intermediate crude (WTI) fell 5 cents to $48.44 a barrel. The price has fallen by more than 8 percent since last Monday, its biggest week-on-week drop in…

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