US oil rig count declines for 10th straight week
The US oil rig count is still falling.
The number of rigs drilling for oil in the US has declined for the tenth straight week — falling by 84 in the week to February 13.
There were 1,056 rigs drilling for oil in the US, according to Baker Hughes, the oilfield services company that publishes the weekly count.
The decline in the rig count comes as oil prices have more than halved since their mid-June high as weak demand and a rising production take their toll.
Before the release, Brent prices, the global oil standard, climbed 3.6 per cent to $61.39 a barrel, while WTI prices, the US marker, gained 3.4 per cent to $52.96 a barrel.
The latest figures may be well received by those in the market trying to find a bottom in oil. A decline in rigs has raised hopes that crude production is declining.
Volatility, as measured by the CBOE Crude Oil Volatility Index which calculates price swings using options on an exchange traded security that tracks daily WTI price movements, has climbed 13 per cent so far this year.
North American Oil, Natural-Gas Rig Count for Feb. 13 (Table)
2015-02-13 18:03:47.917 GMT
By Stephen Rose
(Bloomberg) -- Following is a table detailing the
number of oil and natural-gas rigs operating in North America,
according to Baker Hughes Inc.
*T
================================================================================
Feb. 13 Feb. 6 Weekly Weekly Year Yearly Yearly
2015 2015 Change Percent Ago Change Percent
================================================================================
North America 1,740 1,837 -97 -5.3% 2,388 -648 -27.1%
2015-02-13 18:03:47.917 GMT
By Stephen Rose
(Bloomberg) -- Following is a table detailing the
number of oil and natural-gas rigs operating in North America,
according to Baker Hughes Inc.
*T
================================================================================
Feb. 13 Feb. 6 Weekly Weekly Year Yearly Yearly
2015 2015 Change Percent Ago Change Percent
================================================================================
North America 1,740 1,837 -97 -5.3% 2,388 -648 -27.1%
