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Oil is poised to post a second straight weekly gain, buoyed by an improving global economic picture and rising U.S. gasoline demand.

Occidental Petroleum Corp. will have just a single oil rig in the Permian Basin in the second half of the year, illustrating the scale of the shale industry’s pullback and the company’s debt woes.

Oil swung between gains and losses as uncertainty over the prospect of a U.S. virus relief bill that could boost fuel consumption offset signals of tightening global supply.

Wilks Brothers has made a competing proposal to recapitalize struggling energy company Calfrac Well Services Ltd. and criticized management’s deal as favoring insiders.

Oil rose the most in nearly two weeks as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.

Offshore drilling contractor Noble Corp. filed for bankruptcy with a plan to cut more than $3.4 billion of debt.

Oil is set to eke out a monthly gain, yet futures lost steam on July 31 amid threats that the market will soon become oversupplied.

Oil was propped up by the biggest decline in U.S. crude stockpiles this year, signaling a bright spot in a market weakened by the COVID-19 pandemic.

Oil declined as investors turned their focus to domestic supply, with expectations for another build in U.S. stockpiles.

In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.