Oil Prices Climb As Oil Rig Count Drops

19 Aug 2017   Prices, Shale Oil

The number of active oil and gas rigs in the United States fell this week by 3 rigs as drillers in the United States proceed more cautiously as oil prices fail to sustain any significant increase. Combined, the total oil and gas rig count in the US now stands at 946 rigs, up 455 rigs from the year prior, with oil rigs in the United States decreasing by 5 and gas rigs increasing by 1. Oil rigs in the United States now number 763—357 rigs above this time last year. Canada lost 6 oil rigs this week, with the number of gas rigs holding steady—for a total of 214 oil and gas rigs—93 above the year ago levels. Prices fell on Friday despite the Energy Information Administration’s Wednesday report that the United States’ crude oil inventory had fallen by 8.9 million barrels of inventory—after last week’s report of a […]

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