• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 19 mins Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 35 mins Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 40 mins California Threatens Ban on ICE Cars
  • 13 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 18 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 19 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 16 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 1 min Global Warming Making The Rich Richer
  • 1 day DUG Rockies: Plenty Of Promise, Despite The Politics
  • 7 days How can Trump 'own' a trade war?
  • 1 day Iran v USA the perfect fire triangle
  • 23 hours U.S. and Turkey
  • 2 days Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
Alt Text

The Saudi Plan To Boost Spare Oil Production Capacity

Investments in spare capacity aim…

Alt Text

Mystery Tanker With Iranian Oil Unloads In China

A tanker carrying Iranian fuel…

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

Trending Discussions

U.S. Oil & Gas Rig Count Falls As Brent Breaks $60

As Saudi’s comments regarding the OPEC extension send the Brent Crude benchmark over $60 in mid-day trading for the first time in more than two years, oil and gas rigs in the United States fell for yet another week, according to Baker Hughes, dipping 4 rigs.  

The total oil and gas rig count in the United States now stands at 909 rigs, up 352 rigs from the year prior, with the number of oil rigs in the United States increasing by 1 this week and the number of natural gas rigs decreasing by 5. Canada saw a decline of 11 in the number of active oil and gas rigs. The US oil rig count now stands at 737. 

The spot price for WTI is also trading up to its highest level in six months, up 2.07% on the day at $53.73 at 12:30pm EST. Brent crude was trading up 1.61% at $59.99 at that time—more than $2 over last week’s close.

The price increase is largely thanks to Saudi Crown Prince Mohammed bin Salman’s non-specific backing of an extended OPEC deal, reassurances that the Aramco IPO is still on track, and his commitment to move the country beyond fossil fuels. Fears that the Iraqi vs. Kurd conflict may not find a quick end also lent support to prices.

US crude oil production was up for the week ending October 20, after falling by almost a million barrels daily for the week prior. Oil production for the week ending October 20 was 9.507 million barrels per day, as things return to normal post-hurricane.

At 20 minutes after the hour, WTI was trading at $53.77, with Brent crude trading at $60.02.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • the masked avenger on October 27 2017 said:
    So, i guess you oil guys think that US OIL companies are going to close, pack their ladders and go home. Humorous, frakers are profitable at 40 bucks a barrel. Consolidating rigs,and pumping current reserves is prudent, the same amount of oil is coming out off the ground. US OIL isnt going anywhere.
  • Joe on October 28 2017 said:
    Translation... Middle class, get ready to pay higher gas prices... Speculators (not real producers or buyers), but mere gamblers who merely who do nothing but create a false demand which we pay for, get to set the price for a commodity dictating the stability of economy... nothing changed, we're still swimming in oil...

Leave a comment




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