Oil rig count climbs for third straight week
The US oil rig count rose by 6 this week to total 670, according to driller Baker Hughes.
The total count of oil and gas rigs climbed by 10 to 884.
Last week, the count of oil rigs in use rose by 5, the second straight weekly climb and the fourth time in five weeks that the tally increased. The number of natural gas rigs in use fell by 7, bringing the combined oil and gas count to 874 from 872.
This week, West Texas Intermediate crude oil futures slid to the lowest levels since March, and towards year-to-date lows, as concerns about oversupply and slowing demand persisted. Ahead of the rig count release, WTI was down about 1% near $44.22 per barrel in New York.
More to come ...
NOW WATCH: Here are the best quotes from the GOP debate
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Kia India looks to expand sales, service network to 700 touchpoints by year-end
- Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO
- Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?
- BenQ Zowie EC2-CW review – Premium wireless mouse for gamers
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings