To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Huawei ushers in 5G

Huawei today presented the first commercial 5G device. With the help of the Balong 5000 chipset, the...



US oil rig count continues going down



The total number of US oil rigs currently in use decreased by 7 and amounted 330 last week, Baker Hughes drilling company says.  



04.Jul.16 2:32 AM
By Anastasia Sutulova
Photo Toinnov.com

   250

US oil rig count continues going down

Two week ago we saw a reversal of the recent oil rig trend. The count rose for a third straight period, by 9. It has not happened since August 2015. At the same time, crude oil prices went up and reached $50 per barrel, which made many producers start using some of the oil rigs again.

However, last week, the oil rig count fell by the most in six weeks. On the contrary, the gas rig count went up by 4 to 90, taking the total down 3 to 421.

On Friday, when Britain announced its vote to leave the European Union, crude oil, together with other commodities, went down. For example, West Texas Intermediate crude futures in New York fell 4.7% to $47.77. 




Back to the list


Related Information: