Decline in US Oil Rigs Does Not Stop

Decline in US Oil Rigs Does Not Stop

The number of oil rigs, which are considered as indicators of the country's oil industry outlook and short-term crude oil production, decreased by 4 this week. Oil drilling rigs, which have continued to decrease in the USA since the first period of the coronavirus epidemic, decreased by 4 this week. According to weekly data released by oilfield services company Baker Hughes, the number of oil rigs in the country fell 4 to 172 in the week of August 8-15 compared to the previous week. With these data, the number of oil rigs in the USA was positioned to its lowest level since July 2005, while it decreased by 598 in the last year. The number of oil rigs in the USA increased by 1 for the first time three weeks ago after 18 consecutive weeks of decline. The barrel price of Brent oil, which closed at $ 44.80 on Thursday, closed at $ 44.95 on Friday. The barrel price of West Texas (WTI) type crude oil completed on Friday at $ 42.24. WTI closed Thursday at $ 42.36.