Banks in the U.S. are cutting credit lines to energy companies and forcing firms to cough up more collateral to guard against fallout from the past year’s plunge in oil prices, a Federal Reserve survey found.

U.S. Rig Count is down 27 rigs from last week to 905, with oil rigs down 24 to 679, gas rigs down 3 to 222, and miscellaneous rigs unchanged at 4.

The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.

Russian oil and gas condensate production, among the world's largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday.

Monthly average crude oil prices increased in February. The average domestic crude oil first purchase price rose $1.29 (3.0 percent), to $44.35 per barrel.

Chevron Corp. reported first-quarter earnings of $2.6 billion, down from $4.5 billion in first-quarter 2014. Sales and other operating revenues in first quarter totaled $32 billion, compared with $51 billion a year earlier.

In the case of Gazprom, the commission has found that the Russian energy company charges different prices across the EU. Lithuania, for instance, at times pays a third more than Germany.

U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up.

Suncor Energy Inc., Canada’s largest crude-oil producer, on Wednesday reported a first-quarter net loss and a 90% decline in operating profit as a recent slump in global oil prices offset the company’s effort to cut costs and boost production.

Norway’s $916bn oil fund on Wednesday trumpeted its best-ever quarterly return, boosted by monetary stimulus in Europe that put a rocket under the region’s stock markets.