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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Massive fall in US Oil Rig Count fails to claim Price Slide

Massive fall in US Oil Rig Count fails to claim Price Slide



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The number of active oil and gas rigs fell sharply in the US this week according to Baker Hughes , the second big drop in so many weeks, as the total rig counts over years ago for the second week in a row

The total number of active oil and gas drilling rigs in the United States fell by 21

according to the report with the number of active oil rigs falling by 20 to 805 and the number of gas rigs falling by 1 to reach 186.

The combined oil and gas rich counter is now down year by year for the first time since late 2016, when oil only sees a 20 – year after year reduction and gas rigs down 9 since this time last year.

at 10:41 EST WTI was trading down $ 2.07 (-3.17%) at $ 63.17 down the week despite The announcement earlier this week that the US would not extend the sanctions it charges on Iranian oil. is that President Donald Trump announced that he had "named" OPEC to bring down the price of gasoline.

The Brent benchmark traded at $ 2.23 (+ 3.03%) at $ 71.40, also down week by week. [19659004] Despite the sharp decline in the number of active oil rigs in the United States, US crude oil production is still close all the time, and in the week ending April 19 US oil production stood at 12.2 million barrels and resumed its earlier All time high first reached the week ended March 29th.

Canada held on to the number of active oil rigs with the number of gas rigs falling by 3. Canada's oil rigs are now down 14 years a year with gas rig down

WTI traded 3.97% on the day at. 13:09 EST, with Brent down 3.79% More top reads from Oilprice.com:

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