The New 6-Year Low on Oil Rig Count
According to Baker Hughes, the U.S. oil rig is having the fifth streak weekly drop. The count went down by 8 to 343 this week.
Tally shows the new low. Gas rigs went down by one to 88 making the total down 9 to 431.
It was showed last week the combined tally fall to a new low of 440. The gas rig maintained at 89 while on the other hand, oil rig went down by 3.
Crude oil price this week is going now for a weekly gain of about 11% even after the failure of producers to freeze output levels. This was triggered by workers’ strike in Kuwait together with a sixth weekly decline in US production.