The Number of US Oil Rig Continues to Decrease

The Number of US Oil Rig Continues to Decrease

The number of US oil rigs continues to decline. The number of drilling rigs decreased by 4 in the week of 1-7 August and reached 176. Looking at weekly data released by oilfield services company Baker Hughes, the number of oil drilling rigs in the US decreased during the week of August 1-7. The number of oil drilling rigs, which decreased by 4 compared to the previous week, was 176. Correspondingly, the number of oil drilling rigs in the US displayed its lowest level since July 2005. Drilling rigs decreased by 588 in the last year. The number of oil drilling rigs in the USA increased by 1 for the first time two weeks ago after 18 weeks decrease; last week it decreased 1. The barrel price of Brent oil, which finished at $ 45.09 on Thursday, closed at $ 44.40 on Friday. The barrel price of West Texas (WTI) type crude oil closed on Friday at $ 41.22. WTI closed Thursday at $ 41.95.