Here comes the Baker Hughes rig count ...
REUTERS/Balazs Koranyi
The tally of oil rigs, which plunged with oil prices in 2014, rose by eight to 591 last week. It was a fourth straight weekly rise that took the count more than 80% above the low reached in May 2016.
Four gas rigs were brought online, taking the total to 149. With one miscellaneous rig remaining in use, the total rig count was up 12 to 741.
US oil production remained steady even after the rig count began to fall, declining by only about 12% from the top to the bottom, according to Societe Generale. Oil watchers continue to wait and see whether US production hampers efforts by the Organization of Petroleum Exporting Countries (OPEC) and some non-members to reduce their output.
West Texas Intermediate crude oil - the US benchmark - was on pace to close lower for the first week in five ahead of the rig-count release.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas