• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 16 mins A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 7 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 8 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 8 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 3 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 14 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 12 mins Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 21 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 17 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 18 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 12 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 13 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
Alt Text

Oil Plunges On Trade War Escalation

Oil prices plunged on Friday…

Alt Text

Oil Prices Steady As EIA Reports Small Crude Draw

Oil prices were mostly unaffected…

Alt Text

Is China Blocking Vietnam’s Access To $2.5 Trillion In Oil & Gas?

Washington accused China of interfering…

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 Rig Count Rises As Prices Recover

Baker Hughes reported a 7-rig increase to the number of oil rigs this week, with a decrease of 7 gas rigs for the reporting period.

The result of no increase or decrease to the number of oil and gas rigs this week will likely come as a slight reprieve to battered traders who took it on the chin last week as oil prices plummeted.

The total number of oil and gas rigs holds steady at 975, which is an addition of 2224 rigs year over year.

The number of oil rigs in the United States stands at 798, or 201 over this time last year. The number of gas rigs, which fell by 7 this week, now stands at 177, or 24 rigs above this week last year.

At 12:01 pm EST, the price of a WTI barrel was trading up $0.47 (+0.77%) to $61.64—about a $2 recovery from last week’s dip of $59.80. The Brent barrel trading up $0.73 (+1.13%) to $65.06, also almost $2 per barrel over last week’s prices. Both benchmarks are down from January prices.

Prices have been volatile in recent weeks, but most notably last week, on the back of higher US production, higher crude oil inventories, and an updated IEA forecast that warned that a new glut may be coming on the back of robust US crude oil production. US crude oil production rose again in the week ending February 9, to 10.271 million bpd—a new high—and up from last week’s high of 10.251 million bpd.

The Permian basin rig count lost the most rigs this week with a loss of 4.

At 1:08pm EST, WTI was trading at $61.67 (+$0.50) with Brent trading at $65.01 (+$0.68).

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
Download on the App Store Get it on Google Play