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Baker Hughes oil rig counts fall -15 to 555 in the current week

Oil rigs -15 to 555Gas rigs unchanged at 137Total rigs -15 to 696The levels of rigs have continued to trend lower. Looking back toward the beginning of the year, the rig count on January 13 showed:Oil rigs: 623. Down 68 Gas rigs: 150. Down 13Total rigs: 775 The price of WTIcrude oil is currently trading up $1.35 at $71.45. The price closed the year at $80.26. So despite the fall in rig count, the price is also lower by -10.9%. It is a supply-and-demand thing. The sluggish growth in China is co... Read More

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Posted: Jun 2 2023, 17:22

Author Name: forexlive

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