WTI oil pared losses on Friday morning, breaking with a 6 day streak of losses. U.S. oil production also saw a slight increase, mainly due to higher output in Alaska (Click to enlarge) (Click to enlarge) Rough second quarter earnings. The oil industry made headlines this week with their second quarter earnings, revealing painful numbers from the three-month period that saw shrinking refining margins even while oil prices rose. The 80 percent rally in oil prices helped to bring some revenues back during the quarter, but oil prices are still very low compared to previous years. The majors all held onto their dividends, but that comes at the cost of rising debt. They are biding their time for now, cutting spending, selling assets, and taking on more leverage, hoping to ride out the storm. By and large, most companies disappointed, and saw their share prices tumble after reporting. Here […]