(Bloomberg) Oil rose alongside equities, with the widening conflict in the Middle East adding to crude’s gain. West Texas Intermediate rose 2.1% to settle above $74 a barrel for the first time this year, with crude futures tracking broader markets for much of the session. Geopolitical risks also bolstered prices as the US struck more than a dozen Houthi missiles in Yemen, its latest response to the Tehran-backed group’s repeated attacks on shipping. Elsewhere, Pakistan carried out retaliatory strikes in Iran. Meanwhile in the US, crude stockpiles dropped 2.49 million barrels last week and now are at the lowest level since October, according to an Energy Information Administration report Thursday. Despite the muted activity in headline prices in recent days WTI futures have traded in a roughly $6 band so far this year there have been some bigger moves further along the curve. Key timespreads in the US surged on Wednesday as a chunk of domestic production was curtailed by cold
Borr Drilling Limited, the Bermudian-based oilfield services company, has reported a net loss of $7.4 million in the first quarter of the year, a decrease in loss of $13.9 million compared to the four.