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Oil Prices Fall As Demand Concerns Persist

Oil Prices Fall As Demand Concerns Persist

Crude prices fell on Friday…

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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U.S. Rig Count Falls As Oil Market Uncertainty Continues

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 180.

The total number of active oil and gas rigs decreased for the week by 2, with oil rigs falling by 1 and gas rigs falling by 1.

Total oil and gas rigs in the United States are now down by 632 compared to this time last year.

The EIA’s estimate for oil production in the United States rose for the week ending September 4—the last week for which there is data, to 10.0 million barrels of oil per day, up from 9.7 million bpd in the week prior. Oil production in the United States is now 3.1 million bpd less than its all-time high reached earlier this year.

Canada’s overall rig count held steady this week. Oil and gas rigs in Canada are now at 52 active rigs. Oil and gas rigs in Canada are now down 82 year on year. 

The Frac Spread Count in North America, which is provided by Primary Vision, rose for the third time in a row last week, from 85 to 87—an indication that the number of completion crews are rising.

WTI was trading up on Friday, while Brent was trading down—with both down significantly on the week, after Saudi Aramco lowered its official selling price to Asian and U.S. buyers, spooking markets.

At 11:52 pm EDT, WTI was trading up 0.29% at $37.41—but more than $2 down on the week. Brent was trading down 0.27% on the day, at $39.95 $45.03, down more than $5 per barrel since last Friday.

At 1:06 pm, WTI was trading at $37.64 per barrel, with Brent changing hands at $40.22 per barrel.

By Julianne Geiger for Oilprice.com

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