The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in May, up $1.2 billion from $40.7 billion in April, revised.

The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies. In addition the cooperation with EGAS will allow Rosneft to strengthen its position in the global LNG trading market.

China's crude oil output looks set to rise this year from a record in 2014 as new production from third largest producer CNOOC helps to counter reductions from its two bigger rivals.

The economic battle that is currently taking shape will have global ramifications for many years to come. Energy is certainly playing a major role in this economic battle, with Moscow seeking to counteract the desire of Washington and Brussels to divide Russia from Europe. The Russian government unquestionably has massive power owing to the amount of energy exportation that it is involved in, and a lack of cooperation in this regard would certainly be damaging to numerous Western companies and countries alike.

Saudi Arabia has signed a commitment to invest up to $10 billion in Russia, the Russian Direct Investment Fund said Monday.

U.S. Rig Count is up 3 rigs from last week to 862, with oil rigs up 12 to 640, gas rigs down 9 to 219, and miscellaneous rigs unchanged at 3.

Worldwide, job cuts from the oil bust reached a staggering 150,000 at the end of May, according to energy recruiting firm Swift Worldwide Resources. However, some analysts believe the worst is over, and by the end of the year, the US could see a stout recovery. Analysts tend to agree that a slowdown in non-OPEC production, led by U.S. shale producers, and unrest in the Middle East and North Africa, particularly Iraq, would support prices this year.

Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.

The Norwegian government confirmed Wednesday oil and gas reserves were discovered in a North Sea area not known previously to contain hydrocarbons.

The exchange in Shanghai has registered capital of 1 billion yuan and 10 shareholders. State-run Xinhua News Agency has the largest stake – at 33 percent – followed by the country's Big Three oil and gas producers. China National Petroleum Corp. (CNPC), China Petrochemical Corp. Group and China National Offshore Oil Corp. each own 10 percent.