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The oil bill falls among the oil price correction




The number of active oil and gas rigs fell again in the US this week, according to Baker Hughes, following a number of losses in the weeks before so that the overall rig counts well below the years ago for a seventh week in a row.

The total number of active oil and gas drilling rigs in the United States fell by 4 according to the report, with the number of active oil rigs falling to reach 797 and the number of gas rigs increasing by 1 to reach 186.

Total oil rigs and the gas rig count is 983, with oil see a 62-rich reduction year after year and gas rigs down 12 since this time last year. The total amount of oil and gas rigs is down to 76 years.

The year's oil rig numbers have fallen from 877 active rigs on January 4 to 797, while gas rigs have fallen from 1[ads1]98 to 186 during the same time. Oil rigs are now at their lowest since March 2018, according to Baker Hughes.

At 12:33 EST, moments before the data release, WTI traded up $ 0.04 (+ 0.07%) at $ 57.95, having taken a beating the previous day. WTI trades down more than $ 4 a barrel a week, as the trade war between China and the US dampens the mood of the market, as well as rising US crude oil inventories.

The Brent benchmark also traded, with $ 0.30 (+ 0.45%) at $ 66.80-even more than a $ 4 per barrel drop week a week.

US oil production is slightly up for the week ending May 17 and comes in at 12.2 million bpd, only 100,000 bpd from April 26 high of 12.3 million bpd.

Canada's rig number increased by 15. Canada's oil rigs are now up 3 years a year, with gas rigs down 6 years a year.

WTI traded up 0.41% on the day at 13:09 EST, with Brent up 0.66%.

By Julianne Geiger for Oilprice.com [19659002] More top readers from Oilprice.com:



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