The number of oil rigs in the United States decreased by 4 to 181 in the week ending July 3 compared to the previous week, according to the Baker Hughes weekly rig count released on Friday.
Meanwhile, the number of US gas rigs fell by 1 to 75 during the same week to bring the total number of rigs in the country to 258 with two miscellaneous rigs. Compared to the same period a year earlier, the number of oil rigs plunged by 700.
In Canada, the number of rigs increased by 8 to 26. The number of oil rigs was unchanged at 8, while the number of gas rigs rose by 8 to 20. The number of oil rigs in Canada declined by 91 compared to the same time a year ago.
Even though U.S. oil prices are still down about 34% since the start of the year due to coronavirus demand destruction, U.S. crude futures have jumped 113% over the past three months to around $40 a barrel on Friday on hopes global economies will snap back as governments lift lockdowns. [Read More]
Source Reuters
