The Oil And Gas Boom Sends U.S. GDP Soaring

as mentioned in Higher oil prices this year boosted U.S. oil production, and the U.S. oil industry played a large part in America's impressive second quarter economic growth—the fastest growth since the third quarter of 2014. On an annual basis, the rise in investment in exploration, shafts, and wells soared by 97 percent from the second quarter of 2017. Related: How U.S. Shale Flipped The Script In Global Oil MarketsMeanwhile, U.S. oil production continues to set records. Over the past two weeks, American crude oil production has hit 11 million bpd after having sustained production of 10.9 million bpd over the previous four weeks, according to EIA figures. Regarding the U.S. economic growth, some economists doubt that the pace from the second quarter can be sustained.

Oil falters on specter of supply bubble from U.S. surplus, Libya

Meanwhile, Libya's state oil producer restarted output from a major field that had been shut for months. "Libyan crude oil came out of nowhere. U.S. President Donald Trump threatened tariffs this week on nearly half of all American imports from China, and China vowed to retaliate. Front-month Brent flipped to a discount to October futures this week, a structure known as contango. Meanwhile, there are signs supply disruptions that helped oil's rally earlier this month are easing in some places.

Tariff Dispute Threatens China's Thirst for U.S. Oil

according to For the American oil industry, which President Donald Trump has declared is entering an era of "energy dominance," an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market. China has been the biggest new buyer of the millions of barrels of oil unlocked by U.S. shale companies from dense rock formations. Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of...

Oil drops amid signs of mounting supply from Arabia to U.S.

In the U.S., President Donald Trump was said to be considering tapping the nation's emergency oil supply to tame rising fuel prices. "It very much seems like a continued reaction to potential supply increases," said Bart Melek, head of global commodity strategy at TD Securities in Toronto. At the same time, investors focused on the trade tensions between the U.S. and China that could threaten energy demand. Meanwhile, a senior Iranian official urged Trump not to use the emergency stockpiles and urged the American president to drop sanctions. Libya's El-Feel oil field was said to pump 70,000 barrels a day, according to a person familiar with the situation.

A Clash Between U.S. And Iran Could Send Oil Prices Above $100 And Bad News For China

If that turns out to be the case, it will disrupt Middle East oil supplies and push crude oil prices above $100 level. That could be bad news for China – because the Middle East supplies close to 50% of China's oil imports. It could be good for Russia, which will have to sell more oil to its own allies, including China. They, too, want to be the guarantors of the free flow of oil supplies to its own European and Asian allies, including China. Thus, there is a potential for open military confrontation between the two countries that could send oil prices soaring.

collected by :Frank Ithan