• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 28 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 37 mins The Inconvenient Truth Of Electric Cars
  • 2 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 hours California and Oil
  • 11 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 1 hour Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 10 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 2 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 7 hours The Plastics Problem
  • 58 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 5 hours Hydrogen FTW... Some Day
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 44 mins Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 2 hours Wonders of Shale - Gas, bringing investments and jobs to the US
Alt Text

Can Artificial Intelligence Save The Nuclear Industry?

Nuclear plant decommissioning is a…

Alt Text

U.S. Utilities Boost Production But See Profits Drop

The U.S. Electric Industry churned…

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

Trending Discussions

Rig Count Shoots Up As Oil Nears $70

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 15 total rigs, bringing the total rigs to 939, which is an addition of 280 rigs year over year.

The number of oil rigs in the US increased by 10, while the number of gas rigs increased by 5. The number of oil rigs stands at 752 versus 522 a year ago. The number of gas rigs in the US now stands at 187, up 136 a year ago.

At 11:35am EST, the price of a WTI barrel was trading down $.34 (-0.53%) to $63.46, while the Brent barrel was trading down $0.30 (-.43%) to $68.96. Both benchmarks are up week on week, but down from Thursday levels which saw Brent over $70. This week marks four straight weeks of gains.

Despite the oil price rise, US crude oil production dipped last week. It had been on a steady upward trajectory during Q4 2017—a thorn in OPEC’s side which has managed to cap price spikes courtesy of various supply disruptions and unrest in Iran. But the first week of 2018 saw production in the United States slipping from 9.782 million bpd in the last week of 2017, down to 9.492 million bpd. Related: $60 Oil Will Not Last Long

Canada has seen severe swings in its active oil and rig count. This week, Canada saw 87 oil rigs and 15 gas rigs added.

The Permian basin rig count increased by 3 this week, standing at 403 rigs, or 135 above this same week last year. Arkoma Woodford, DJ-Niobrara, Haynesville, and the Mississippian basins each gained a rig. By state, New Mexico and Louisiana were the big winners this week, both adding 5 rigs.

At 1:09pm EST, WTI was trading at $63.94 (+$0.14) with Brent trading at $69.42 (+$0.16).

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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