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The New 6-Year Low on Oil Rig Count

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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.

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