• 4 minutes China - EU: Xi Says Cooperation Is Mainstream In Their Ties
  • 8 minutes The Mining Industry Has Had It Easy For Far Too Long
  • 11 minutes Lawsuit-Happy Councilor Wants to Take Big Oil to Court
  • 15 minutes U.S. Shale Output may Start Dropping Next Year
  • 1 hour Dutch Populists Shock the EU with Election Victory
  • 1 hour Trump to Make Allies Pay More to Host US Bases
  • 17 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 7 hours Multi-well Pad Drilling Cost Question
  • 22 mins Public Companies that attended OPEC "THREAT DINNER" at CERRAWEEK must disclose any risks in their SEC Financial filings.
  • 2 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 17 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 28 mins England Running Out of Water?
  • 22 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day One Last Warning For The U.S. Shale Patch
  • 2 days Climate change's fingerprints are on U.S. Midwest floods
  • 1 day European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 2 days Modular Nuclear Reactors
Alt Text

U.S. And China Hold Key To Higher Oil Prices

Crude oil prices continue to…

Alt Text

Can Summer Save LNG Demand?

With Asian LNG spot prices…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

Oil Prices Inch Lower As Rig Count Rises

Baker Hughes reported a 4-rig increase to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs rose to 1,048 according to the report, with the number of active oil rigs increasing by 2 and the number of gas rigs increasing by 2.

The oil and gas rig count is now 105 up from this time last year.

At 11:15 a.m. EDT on Friday, WTI Crude was down 0.28 percent at $70.05—about $1.00 per barrel from this time last week, while Brent Crude traded down 0.05 percent at $77.98, as a Reuter’s survey calculated that OPEC’s August oil production hit a 2018 high, even though Iran’s oil exports started to slip and Venezuela languishes in economic purgatory, unable to get more oil out of the ground and out of the country as migrants flee the socialist country in hoards.

OPEC’s production, the survey found, averaged 32.79 million barrels per day in August—a 220,000 bpd increase over July production volumes.

Still, oil prices are up for the month, supported

Canada’s oil and gas rigs for the week fell by 1, bringing its total oil and gas rig count to 228, which is 27 more than this time last year, with a 2-rig decrease for oil and a 1-rig gain for gas for the week. The price of Western Canada Select (WCS) was trading up on Friday, trading up 2.00% at $37.75 as of 11:27 am, more than $1 higher than this time last year.

The EIA estimates for US production were unchanged for the week ending August 24, averaging 11 million bpd again.

By 1:08pm EDT, WTI and Brent were trading down, with WTI trading down 0.40% (-$0.25) at $69.97. Brent crude was trading down 0.26% (-$0.20) at $77.82 per barrel.

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

Leave a comment




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