Oil

Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures at over $50 a barrel, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance.

Oil rose around 3 percent on Tuesday, a day after U.S. oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply.

Oil rose more than 1 percent on Monday, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co's executive chairman said the U.S. shale drilling boom would probably ease next year.

Oil rose more than 1 percent on Monday, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co's executive chairman said the U.S. shale drilling boom would probably ease next year.

With U.S. oil production on the rise, OPEC's coordinated production cuts have mostly failed to reduce a global oversupply.

With U.S. oil production on the rise, OPEC's coordinated production cuts have mostly failed to reduce a global oversupply.

Halliburton returned to profitability in the second quarter, as drilling activity in North America continued to rebound.

Halliburton returned to profitability in the second quarter, as drilling activity in North America continued to rebound.

The average price of a gallon of regular-grade gasoline rose about a penny nationally over the past two weeks, to $2.32.

The average price of a gallon of regular-grade gasoline rose about a penny nationally over the past two weeks, to $2.32.

Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude.

Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude.

Schlumberger said rapidly revived its idle oil-drilling equipment in North America, reflecting strong activity in U.S. shale.

Schlumberger reported better-than-expected quarterly profit and revenue on Friday, as strong demand in North America helped offset weakness in Europe and the Middle East.

Schlumberger reported better-than-expected quarterly profit and revenue on Friday, as strong demand in North America helped offset weakness in Europe and the Middle East.

The summer reprieve at the gas pump will be short lived.

The summer reprieve at the gas pump will be short lived.