Economy

Oil futures remain lower after rise in weekly U.S. rig count

The number of rigs drilling for oil in the USA rose by nine this week to 738, Baker Hughes said. Compared to the same time previous year, the number of rigs has grown by 286.

A crew works on a drilling rig in Webb County.

Canada, too, saw an increase to oil and gas rigs, with oil rigs climbing by 8 and gas rigs climbing by 4. Four vertical units left the patch.

The natural gas rig count remained unchanged with a total of 169 this week.

That leaves the combined North American rig count at 1,110, up from 1090 a week ago and 744 in the year-ago period. Oklahoma added six rigs, up to 123. That includes a gain of three rigs in the SCOOP and three in the STACK.

Texas lost two rigs and West Virginia decreased by one.

The rig exiting the Utica appears to have been running in West Virginia, which dropped a rig to fall to 12, while OH and Pennsylvania held flat week/week at 29 and 31 rigs, respectively. And Utah added one, making 11. Prices eased from 2-year highs seen earlier this week.

The West Texas Intermediate for December delivery was down 0.43 USA dollar to settle at 56.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.41 dollar to close at 63.52 dollars a barrel on the London ICE Futures Exchange.



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