Baker Hughes reported an increase in the number of active oil rigs in the United States today. The overall rig count increased by five rigs, according to the report, with all of that increase coming from oil rigs, the number of gas rigs stayed the same.
The oil and gas rig count now stands at 1,052—up 100 from this time last year.
Canada, for its part, gained 10 oil rigs for the week—after last week’s gain of 12 oil and gas rigs. After multiple weeks of significant gains, Canada’s oil and gas rig count is now up seven year over year.
Oil benchmarks went in different directions again on Friday afternoon, with WTI trading up and Brent trading down as fears of the escalating U.S.-Chinese trade war and increased production by Saudi Arabia and Russia pulled against concerns over supply disruptions from Venezuela and Libya as well as the looming sanctions on Iran. Saudi Arabia had earlier reported to the Organization of the Petroleum Exporting Countries that they had pumped 10.488 million bpd in June, up by 458,000 bpd from their self-reported figure for May, OPEC sources told Reuters.
Early Friday, WTI Crude was down 0.78% at $72.37, and Brent Crude traded down 1.23% at $76.44. Approaching noon Friday, the WTI benchmark had rallied and was trading up 0.88% (+$0.64) to $73.58—although still down week over week, while Brent traded down 0.47% (-$0.36) to $77.03 at that time—also down week over week.
The steady upward climb that U.S. oil production has been on throughout 2018 appears to have leveled off at 10.900 million bpd, where it has hovered for four weeks now.
By Julianne Geiger for Oilprice.com
