Rig Count Shoots Up As Oil Nears $70

13 Jan 2018   Prices, USA

The number of active oil and gas rigs rose this week, according to Baker Hughes data , increasing by 15 total rigs, bringing the total rigs to 939, which is an addition of 280 rigs year over year. The number of oil rigs in the US increased by 10, while the number of gas rigs increased by 5. The number of oil rigs stands at 752 versus 522 a year ago. The number of gas rigs in the US now stands at 187, up 136 a year ago. At 11:35am EST, the price of a WTI barrel was trading down $.34 (-0.53%) to $63.46, while the Brent barrel was trading down $0.30 (-.43%) to $68.96. Both benchmarks are up week on week, but down from Thursday levels which saw Brent over $70. This week marks four straight weeks of gains. Despite the oil price rise, US crude oil production […]

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