• 11 hours What will happen with Venezuela's oil sector? Privatization needed?
  • 18 hours I am buying Huawei phone
  • 15 hours Yemen's Rebels Step Up Attacks on Aramco Oil Facilities
  • 15 hours Autobots Roll Out! - Transforming Robot Unveiled In Japan
  • 15 hours Shell and Total Results Buoyed By Higher Oil Prices. Results From Exxon And Chevron Are Expected On Friday
  • 1 day Saudi Arabia Looks To Raise $10bn In Privatization Scheme
  • 14 hours Comprehensive List of Factors that affect crude oil price
  • 13 hours Here we go! Oil Heads Up To $74 a Barrel, But U.S. Bonds, Crude Supply Cast A Pall
  • 2 days China Has The Ultimate Population Control Weapon
  • 1 day Electric Buses are Eating into Oil Demand
  • 2 days What happened to stocks yesterday?
  • 21 hours libya's oil disruption to send oil prices up?
  • 2 hours Can Saudi Arabia Afford Vision 2030?
  • 16 hours Large-Cap Oil Earnings: What to Watch
  • 2 days Trump's top energy adviser resigns
  • 2 days China's Yuan Oil Contracts: No Liquidity, but It Will be Built
Alt Text

The Overlooked Implications Of The U.S. Shale Boom

The U.S. shale revolution has…

Alt Text

Mexico’s Oil Crisis: Pirates, Cartels, And Corruption

Mexico’s oil industry is plagued…

Alt Text

Oil Prices Tumble After Brent Breaks $75

Oil prices hit new three-year…

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 Stable On Flat Oil Rig Count

Oil Rig

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 1 rig, for a total of 931 rigs currently in operation in the United States—278 rigs above this time last year.

The number of oil rigs in the U.S. stayed the same, while the number of gas rigs climbed by 1. The number of oil rigs stands at 747 versus 523 a year ago. The number of gas rigs in the U.S. now stands at 184, up from 129 a year ago.

For Canada’s part, the number of oil and gas rigs fell hard, by 28 rigs, with gas and oil rigs each falling by 14.

At 1:00pm EST, the price of a WTI barrel was down $0.11 (+0.19 percent) to $58.25, while the Brent barrel was trading up $0.16 (-0.11 percent) to $64.50. Prices had come off a previous years-ago high earlier on Friday, as rising US output and news surfaced that Forties will be back up and running at normal capacity in early January.

The hotspot Permian Basin gained one rig for the week, but things are looking up for the Permian, as Kinder Morgan announced on Thursday that, with its partners, it will go ahead with its $1.7 billion gas pipeline project that will alleviate existing bottlenecks that prevent more gas from flowing out of the basin.

US crude oil production continues to climb a weekly basis, placing further pressure on prices. U.S. crude oil production for the week ending December 15 was 9.789 million barrels per day—another record for 2017, and the ninth straight weekly increase.

At 1:06pm EST, WTI was trading at $58.26 with Brent trading at $64.49. 

You can find WTI, Brent and many more oil prices on the Oil Price Charts page.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Wayne Potter on December 22 2017 said:
    The market is tightening that is fact. The only thing keeping prices down is market manipulation by net importing nations. The fear of inflation after a 3 year hiatus is keeping .gov bean counters up at night plotting their next move maybe with a tax break or something.

Leave a comment




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