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Oil Jumps as Traders Buy the Dip

Crude Oil Prices Today | OilPrice.com · last updated

Onshore crude oil production in the United States has peaked, Diamondback Energy has said, expecting output to start declining later this year unless prices reverse course.

At the release of its first-quarter results, the company said fracking crews in the shale patch had declined by 15% since the start of the year and are set for further declines amid the international oil price rout. Diamondback Energy trimmed its own full-year production forecast Monday, and said that it expects onshore oil rigs across the entire US industry to drop by almost 10% by the end of the second quarter and fall further in the months after.

At 11:47 AM CST on Tuesday WTI futures were trading at $59.45, up 4.06% on the day, while Brent was trading at $62.45, up 3.69% on the day.

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