Oil Prices Rise As The U.S. Rig Count Falls

7 Aug 2017   USA

The number of active oil rigs in the United States fell this week by 1 rig as drillers in the United States proceed more cautiously than earlier in the year. Combined, the total oil and gas rig count in the US now stands at 954 rigs, up 490 rigs from the year prior, with oil rigs in the United States decreasing by 1 and gas rigs decreasing by 3. Canada, which added 14 oil and gas rigs the week prior, lost 3 rigs this week, with the number of oil rigs falling by 5 and gas rigs increasing by 2. Prices lost a bit of ground on the week as signs point to the resilience of US oil producers who continue to take low oil prices on the chin. While down $0.13 week over week, WTI was trading up 0.84% on the day at $49.44 at 12:16pm. Brent crude […]

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