Baker Hughes reported a 1-rig increase for oil and gas in the United States this week-a far more tempered figure after last week's 14-rig increase. The total number of active oil and gas drilling rigs to 1,082 according to the report, with the number of active oil rigs increasing by 2 to reach 888 and the number of gas rigs falling by 1 to reach 194.
The oil and gas rig count is now 167 up from this time last year.
Crude oil prices picked up earlier in the trading day as data showed that Saudi Arabia has been slashing oil exports to the United States in an effort to lessen transparent stockpiles here in the States. The WTI benchmark was trading up 1.09% (+0.62) at $57.30 at 11:39 am EST, with Brent trading up 1.10% (+0.73) at $67.35. Both benchmarks are dollars below this time last week
Earlier in the week, oil prices saw the largest daily loss in year, but the fall was arrested by OPEC's talks about even more production cuts on the horizon-possibly a cut of 1 million bpd-although nothing official has been announced.
Canada's oil and gas rigs for the week increased by 1 rigs this week after losing 2 rigs last week, bringing its total oil and gas rig count to 197, which is 11 fewer rigs than this time last year, with a 1-rig increase for oil rigs, and no change to the number of gas rigs.
The EIA's estimates for US production for the week ending November 9 were for an average of 11.7 million bpdÂ-a brand new record high that has contributed in part to the lower prices.
By 1:08pm EDT, WTI was trading up 0.51% (+$0.29) at $56.97. Brent crude was trading up 0.62% (+$0.41) at $67.03 per barrel, still down week on week.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More