• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 11 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 11 mins Indonesia Stands Up to China. Will Japan Help?
  • 1 hour Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Gravity is a scam!
  • 3 hours Trump has changed into a World Leader
  • 1 day What's the Endgame Here?
  • 10 hours US Shale: Technology
  • 5 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 2 days 10 Rockets hit US Air Base in Iraq
  • 2 days Canada / Iran
  • 2 days Remember: Only the Poor Can Reach the Kingdom of God
  • 2 days IRAQ / USA
Alt Text

Will Oil Bulls Rule 2020?

After a disappointing 2019 for…

Alt Text

Will Oil Prices Crash Or Rally When Iran Reacts?

Oil prices have soared following…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Prices Rise Amid Further Rig Count Decline

The US oil and gas rig count fell by 5 this week, according to Baker Hughes, after losing rigs last week as well.

The total number of active oil rigs in the United States fell by 4 according to the report, reaching 784. The number of active gas rigs decreased by 2 to reach 172. Miscellaneous rigs gained 1.

The combined oil and gas rig count is now 958 for the week, with oil seeing a 79-rig decrease year on year and gas rigs down 17 since this time last year. The combined oil and gas rig count is down 96 year on year.

Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 784, while gas rigs have fallen from 187 to 172 during that same time.

Oil prices had an exciting week, with prices rising mid-week on crude oil production outages in the US Gulf of Mexico due to the threat of a tropical storm, as well as increased tensions in the Persian Gulf after a British tanker was harassed by Iranian Guard boats near the Strait of Hormuz.

At 11:30pm EST today WTI was up $0.14 (+.23%) at $60.34—up more than $3 per barrel week on week. The Brent benchmark was trading up as well on the day, by $0.29 (+0.44%) at $66.81—up more than $2 per barrel from last week.

US production rose again for week ending July 05 to 12.3 million bpd, just 100,000 bpd off from the all-time high of 12.4 million bpd.

Canada’s overall rig count saw a decrease as well, by 3 this week after decreasing by 4 last week. Canada’s oil rigs are down by 54 year on year, with gas rigs down 26 year on year.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News