Oil rig count climbs for third straight week
Aug 7, 2015, 22:33 IST
The US oil rig count rose by 6 this week to total 670, according to driller Baker Hughes.
Advertisement
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 ...
Advertisement