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Saturday, August 13, 2022

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 tally has now climbed for three straight weeks and for the fifth time in six weeks.

Combined, the count of oil and gas rigs climbed by 10 to 884.

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.

After the release, WTI extended losses to as low as $ 43.99 per barrel in New York.

Here’s the latest chart which shows that the rig count is perking up after declining for most of this year:

Oil rig count climbs for third straight week(Business Insider/Myles Udland)

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