Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Breaking: U.S. Oil Rig Count Down by 66 This Week

Published 04/17/2020, 01:21 PM
Updated 04/17/2020, 01:22 PM
© Reuters.

By Barani Krishnan 

Investing.com - The U.S. oil rig count fell by 66 this week, data from the industry firm Baker Hughes showed, indicating the massive production cuts undertaken by domestic oil drillers as crude prices hit near-19-year lows.

Baker Hughes data showed oil rigs down to 438 this week from 504 last week, down 13%.

Oil rigs are down by a total 245 since the week ended March 13, when there were 638 rigs. That constitutes a drop of more than 35%.

The front-month contract in West Texas Intermediate, the New York-traded benchmark for U.S. oil, plunged to as low as $17.31 per barrel Friday — marking a bottom since 2001 — as it headed for delivery. It was down 9% on the day and 19% on the week.

 

Latest comments

Rig count should be zero. More oil above ground now than in any time in our history.
which is best platform for trading in oil and fx
Interactive Brokers
try on your device
because many applications hang while you trade
why a big gap between wti nd Brent crude pls .. is it possibility to go up wti
mcx closing on Monday I hv bought 5 lots @1900 ..
sir please, do you see the price going below 15$
 yes. I was 42 years in oil, and the only thing keeping the price up is people buying because they think we are all going back to normal. . ./ . . BULL. it anint going to happen any time soon. .  no CARS = no demand. . . . . . ??? $5.00 ???
Your arithmetic is off. It's down by 200, not 245.
West Doubler: It was 683 for week ended March 13. This week it is 438. So, 683-438 = 245.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.