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U.S. oil producers put 10 rigs back online

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Staff Writer | August 26, 2016
U.S. oil rigs
Oil exploration   The gas rig count fell by 2 to 81

The U.S. oil rig count did not rise for the first time in nine weeks this week, according to Baker Hughes.

Producers put 10 rigs back online last week, taking the total to 406. This week, the gas rig count fell by 2 to 81, dropping the total by the same number to 489.

Over the last few weeks, the tally rose as crude oil prices rallied out of a bear market. Also, the largest oilfield services companies signaled that they anticipated a turnaround in the oil market during the second half of the year.

After the release, West Texas Intermediate crude oil futures in New York were little changed, up 0.04% to $47.52 per barrel.


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