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Number of American oil rigs increases for two weeks in a row

The US rig count rose again the week, by 3 to 328.

14.Jun.16 6:32 AM
By Anastasia Sutulova


Number of American oil rigs increases for two weeks in a row

This tendency shows that some oil companies decided to bring rigs online. The reason is clearly the rise of the oil prices that rebounded and headed towards $50 per barrel. Last week the number of oil rigs increase by 9, first time in 2016.

Moreover, the count of gas rigs rose, too, by 6 to 414. Last week it fell by 5, in comparison with the previous week, but the total rose by 4 and amounted 408.

Following the rig-count data on Friday, West Texas Intermediate crude futures in New York fell by 2.5% and stopped at $49.27 per barrel. It is lower than the best levels of the year reached earlier this week.

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