BEFORE OIL Rigs Arrive MCX Crude has made low of 4001 hen it stated to move upside.
The the number of active oil and gas rigs fell again in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, keeping the overall rig count well below year-ago levels 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 5 to reach 797 and the number of gas rigs increasing by 1 to reach 186.
The combined oil and gas rig count is 983, with oil seeing a 62-rig decrease year on year and gas rigs down 12 since this time last year. The combined oil and gas rig count is down 76 year on year.
Year-to-date, the oil rig count has fallen from 877 active rigs on January 4 to 797, while gas rigs have fallen from 198 to 186 during that same time. Oil rigs are now at their lowest since March 2018, according to Baker Hughes.
Moments before data release, WTI was trading up slightly by $0.04 (+0.07%) at $57.95, after taking a beating the day before. WTI is trading down more than $4 per barrel week on week as the China-US trade war dampens the mood in the market on top of increasing crude oil inventories in the United States.