ADVERTISEMENT

US oil rig count rises for 7th straight week, Baker Hughes says

The US oil-rig count rose by seven to 609 this week, according to oilfield-services giant Baker Hughes.

null

The gas rig count fell by five to 146. With miscellaneous rigs unchanged at one, the total rig count rose by two to 756.

ADVERTISEMENT

Last week the tally of oil rigs rose by six.

West Texas Intermediate crude oil futures are headed for a weekly loss of about 1.5%, following data that shows US inventories remain high while demand for oil rigs increases.

Data from the Energy Information Administration on Wednesday showed that inventories rose for an eighth straight week, by 1.5 million barrels. At 502 million barrels, US oil inventories are at the higher end of the average range for this time of year, the EIA said.

ADVERTISEMENT

That is straining how high oil prices can rise, even as the Organization of Petroleum Exporting Countries stresses its commitment to cut output as agreed in November. A Bloomberg survey found that Saudi Arabia pumped below its target of 10.06 million barrels a day for a second straight month in February.

The front-month WTI contract traded at $53.17 per barrel, up by 1.06%, after the rig-count release.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT