- Oil prices edged up at press time, putting both benchmarks on track for a fifth consecutive week of gains on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more crude to the market from August. Brent futures rose 32 cents, or 0.4%, to $75.88 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 57 cents, or 0.8%, to $73.87.
- Baker Hughes announced that KBC, a wholly-owned subsidiary of Yokogawa Electric Corp., will deploy artificial intelligence (AI) technology from the BakerHughesC3.ai (BHC3) alliance to enhance KBC’s existing software portfolio for oil and gas process simulation, supply chain optimization, and energy management.
- The frac sand market is expected to grow by $1.59 billion during 2021-2025, according to Technavio. The frac sand market is driven by the growing demand for fine mesh raw frac sand. In addition, other factors such as the increasing number of strategic alliances are expected to trigger the frac sand market toward witnessing a CAGR of over 4% during the forecast period.