About damn time.
Baker Hughes bhi+1.85% on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 756 rigs this week. That marked only the second time the weekly oil-rig count fell this year. Oil-rig numbers had climbed for 23 weeks in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also fell by one to 940, according to Baker Hughes. Oil prices extended their gains following the data, with August West Texas Intermediate crude clq7+3.12% up 68 cents, or 1.5%, at $45.61 a barrel on the New York Mercantile Exchange for the session. It was trading at $45.50 before the data.
Baker Hughes bhi+1.85% on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 756 rigs this week. That marked only the second time the weekly oil-rig count fell this year. Oil-rig numbers had climbed for 23 weeks in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also fell by one to 940, according to Baker Hughes. Oil prices extended their gains following the data, with August West Texas Intermediate crude clq7+3.12% up 68 cents, or 1.5%, at $45.61 a barrel on the New York Mercantile Exchange for the session. It was trading at $45.50 before the data.
