US oil-rig count falls for the first time in 24 weeks, ending record streak
The count of working oil rigs in the US fell this week for the first time in 24, breaking the record streak of increases.
The oil-rig count fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. With miscellaneous rigs down one to zero, the total rig count fell by one to 940.
This drop is a blip that even the chart below doesn't show as the supply glut persists. US oil prices were on pace for a 5% drop in June, the steepest since March, amid continued evidence that shale drillers were not slowing down production and doubts that OPEC's deal to cut production would balance the market.
Andy Kiersz/Business Insider
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study