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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 5:32 AM
By Anastasia Sutulova


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. 

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