• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 11 mins In a Nutshell...
  • 1 min Sources confirm Trump to sign two new Executive orders.
  • 4 hours Why Wind is pitiful for most regions on earth
  • 11 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 3 days Happy 4th of July!
  • 3 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 4 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 4 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 21 hours Coronavirus hype biggest political hoax in history
  • 3 days Apology Accepted!
  • 4 days The Political Genius of Donald Trump
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 As Rig Count Slips

Baker Hughes reported a 13-rig decrease to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs fell to 1,044, according to the report, with the number of active oil rigs falling by 9 ad the number of gas rigs falling by 4.

The oil and gas rig count is now 104 up from this time last year.

At 09:58 a.m. EDT on Friday, WTI Crude was up 1.74 percent at $69.01, while Brent Crude traded up 1.73 percent at $76.39, on signs that Iran’s oil exports have started to drop off, although overall market sentiment was cautious as the U.S.-China trade dispute drags on. Both benchmarks were up significantly from this time last week.

Earlier on Friday, an International Business Times/Newsweek poll suggested oil prices would rise on anticipated supply disruptions from Iran, although respondents felt that the slowing oil demand growth, combined with a weaker dollar, would curtail price increases.

Canada’s oil and gas rigs for the week rose by 17, bringing its total oil and gas rig count to 229, which is 12 more than this time last year, with a 12-rig gain for oil and a 5-rig gain for gas for the week. The price of Western Canada Select (WCS) was trading down on Friday, trading at $36.58 as of 11:50 am, just a hair higher than this time last week.

EIA estimates for US production were up 100,000 barrels per day for the week ending August 17, averaging 11 million bpd. again, after dipping down to 10.8 million bpd as of August 03.

By 1:18pm EDT, WTI and Brent were trading up. WTI was trading up 1.72% (+$1.17) at $69.00. Brent crude was trading up 1.69% (+$1.27) at $76.36 per barrel.

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