"The violence in Libya is captivating the market," one analyst says as the benchmark Brent and WTI crudes hit five-month highs.
The price of WTI crude fell for the 10th consecutive session, the longest streak of declines since 1984.
“It is mostly a fundamentals-driven market, but the icing on the cake is the worry about Iran."
In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.
With the shale boom continuing, the IEA says the U.S. will overtake Saudi Arabia as the world's No. 2 producer.
The International Energy Agency warns that U.S. shale production could complicate OPEC's efforts to restrain output.
The company believes its restructuring plan will put it in a strong position to capitalize when oil prices rebound.
The $4.95 billion acquisition of Maersk Oil will make Total the second-largest producer in the North Sea.
Oil and natural gas production dropped by almost 1% in Q2, adding to the challenges facing new CEO Darren Woods.
U.S. shale drilling is seen as a major culprit in the oversupply.
The price of the benchmark crude dropped to the lowest level since OPEC countries agreed to cut output by 1.8 million bpd in the first half of 2017.
The International Energy Agency says the oil glut is clearing out even as OPEC producers pump at record or near record levels.
