Number of Oil Rigs in the US Has Dropped

The number of oil rigs in the US has dropped. The number of oil rigs in the country decreased by 1 this week.

The number of oil rigs, which is described as an indicator for the outlook of the oil industry and short-term crude oil production in the USA, decreased by 1 this week. According to weekly data released by oilfield services company Baker Hughes, the number of oil rigs in the US fell by one to 372 in the week of June 19-25, compared to the previous week. The number of oil rigs in the country has increased by 188 during the last year. The barrel price of Brent oil, which closed Thursday at $ 75.56, closed Friday at $ 76.18. Positive expectations about the meeting of the OPEC+ group on July 1 also played a role in the rise in prices. At the meeting, where the amount of cuts to be applied as of August will be discussed, the group is expected to be cautious about the increase in production. The barrel price of West Texas (WTI) type crude oil closed at $74.05 on Friday. West Texas (WTI) crude oil closed at $73.30 on Thursday.