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Falling Rig Count Can’t Halt Oil Price Slide

Baker Hughes reported a 3-rig decrease for oil and gas in the United States this week. The total number of active oil and gas drilling rigs now stands at 1,076 according to the report, with the number of active oil rigs increasing by 2 to reach 887 and the number of gas rigs falling by 5 at 189.

The oil and gas rig count is now 147 up from this time last year, 138 of which is in oil rigs.

Crude oil prices slumped on Friday and were set to crown November as the worst month for oil prices in a decade as fears of oversupply and slowing demand growth took precedence over hopes that OPEC+ will agree to curb oil production at its meeting on December 6 and 7.

 The WTI benchmark was trading down 0.35% (-0.18) at $51.27 at 12:42pm EST—a $4 per barrel slide week on week. Brent crude was trading down 0.45% (-0.27) at $59.64—also down almost $4 per barrel.

Canada’s oil and gas rigs for the week decreased by 5 rigs this week after gaining 7 rigs last week, bringing its total oil and gas rig count to 199, which is 23 fewer rigs than this time last year, with a 5-rig decrease for oil rigs, and the number of gas rigs holding steady for the week.  

The EIA’s estimates for US production for the week ending November 23 continues to weigh on prices, averaging 11.7 million bpd­ for the third week in a row and the highest production rate for the United States.

By 1:07pm EDT, WTI had slipped further into the red, falling 0.43% (-$0.22) at $51.23 on the day. Brent crude was trading down 0.52% (-$0.31) at $59.60 per barrel.

By Julianne Geiger for Oilprice.com

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