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The light, sweet oil price for April delivery fell more than $1/bbl on the New York market for a second consecutive day Mar. 8, which analysts attributed to falling gasoline prices as well as rising US oil production and a strengthening US dollar.

Despite solar and wind energy advances, fossil fuels will remain necessary to lift people in economically developing nations out of poverty, an Australian government official maintained on Mar. 9.

The American Petroleum Institute released new studies showing potential economic benefits to states and communities along the Atlantic, Pacific, Alaskan, and eastern Gulf of Mexico portions of the US Outer Continental Shelf if oil and gas resources are developed there.

While the offshore oil and gas industry has made substantial progress in improving subsea bolts’ reliability, multiple opportunities exist for it and the US Bureau of Safety and Environmental Enforcement to work together and establish a forum to do more, a committee at the National Academies of Science, Engineering, and Medicine concluded in a new report. 

Oil prices gained by more than $1.80 on both the New York and London markets Mar. 9, which analysts attributed to positive US economic indicators and a declining rig count. Light, sweet crude for April delivery settled above $62/bbl while Brent for May delivery settled above $65/bbl.


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