Industry at a glance ///

West Texas Intermediate crude prices hit 16-month highs in July, as tensions over possible international intervention in the Syrian conflict made consuming countries nervous. The price of Brent Blend also climbed, though at a slower pace, reducing the gap between the two benchmarks. Production outside of OPEC continued to climb, more than offsetting supply disruptions in Libya and Iraq. Worldwide, crude production increased to 91.85 MMbopd. Natural gas prices stayed in the range of $3.50 MMBtu on the Henry Hub. The U.S. rotary rig count rose slightly to around 1,766 units running, while the international count climbed by some 80 rigs to 1,594.

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