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Oil Prices Bounce Back As Sentiment Shifts

Oil Prices Bounce Back As Sentiment Shifts

Oil prices rebounded on Tuesday…

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.

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Oil Rig Count Rises As Oil Prices Stabilize

Baker Hughes reported an increase in the number of active oil and gas rigs in the United States this week.

The total number of active oil and gas drilling rigs rose by 4 rigs, according to the report, with the number of active oil rigs increasing by 7 to reach 854 and the number of gas rigs decreasing by 3 to reach 195.

The oil and gas rig count is now 74 up from this time last year, 63 of which is in oil rigs.

Oil prices were mixed earlier on Friday as signals indicated there may be no resolution to the China trade deal prior to the March 1st deadline that China and the United States set for sealing a deal. This, mixed with tightening supplies from Venezuela, Libya, and OPEC in general—particularly Saudi Arabia whose January production fell 400,000 from December levels—as well as the prospect of unfavorable economic conditions going forward, including slower oil demand growth, culminated in sending WTI lower and Brent higher.

Shortly after data release, WTI was trading down $2 per barrel week on week, while the Brent benchmark was trading essentially flat week on week.

Canada’s oil and gas rigs decreased by 3 rigs this week. Canada’s total oil and gas rig count is now 240, which is 85 fewer rigs than this time last year.

The EIA’s estimates for US production for the week ending February 1 shows an increase at an average rate of 11.9 million bpd­—a record for the US—for the fourth week in a row.

By 1:09pm EDT, WTI had dipped 0.06% (+$0.03) at $52.61 on the day. Brent crude was trading up 0.42% (+$0.26) at $61.89 per barrel.

By Julianne Geiger for Oilprice.com

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