US Offshore Rig Count Up by 1

Ivan Schwartz
August 19, 2017

The number of rigs exploring for oil and natural gas in the USA decreased by three this week to 946.

Crude oil futures inched higher for a second session Friday, as traders braced for rig count data that may confirm US production is slowing.

Canada lost 6 oil rigs this week, with the number of gas rigs holding steady-for a total of 214 oil and gas rigs-93 above the year ago levels.

The number of rigs drilling for oil and natural gas dipped again nationwide and in Oklahoma this week, according to Baker Hughes.

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Barrel prices for WTI is more than $1 lower on the week-for a second week in a row, and.17% down on the day, trading at $47.01 at 11:44am EST.

Brent and USA crude prices had both been headed for weekly declines of more than 2 percent, but Friday's sharp rally left Brent with a 1.5 percent weekly gain while US crude finished the week virtually flat, down just 0.3 percent. The total USA oil rigs were 768, three more than the previous week. Brent crude LCOc1 futures for October delivery rose $1.69 to $52.72 a barrel, a 3.3 percent gain.

Looking ahead, market participants don't expect oil prices to make much headway.

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