Oil Prices Fall Further As U.S. Rig Count Inches Higher

Oceane Deschanel
Abril 23, 2017

There was also a weekly increase of 5 in the gas rig count to 167 from 162 previously. Separately, a report showed that the mining industry, a sector that includes oil and gas, contributed to GDP growth in the final months of past year for the first time since the start of 2015, another sign of increased shale-oilfield activity.

The number of rigs drilling for oil in the USA rose by five in the past week to 688, according to oil-field services company Baker Hughes Inc. Oil rigs comprised 80.3 percent of the current USA combined rig count. Back on February 24, the oil rig count in Canada stood at 206. Oil rigs are up 345 in the past year, while natural gas rigs have climbed by 79 and miscellaneous rigs are up two.

A year ago, 431 rigs were active in the U.S. The U.S. rig count bottomed out last May at 404. Alaska, Colorado, North Dakota, Pennsylvania and Wyoming each added one, while Oklahoma lost one. It was Canada's eighth straight week of decline, and it has decreased by 242 - or 71.0 percent - in that time. Domestic drillers have added rigs nearly every week this year, hoping to take advantage of stable oil prices near USD50 a barrel.

Dortmund angry it was forced to play; UEFA says team agreed
Federal prosecutors have called it a "terrorist" attack and said they are focusing on suspects in the "Islamist spectrum" . But the region's top security official raised the possibility the note could be "an attempt to lay a false trail".

Oil opened Monday, April 17 at $53.34 before falling almost $2 on Wednesday and another $1.17 by 3 p.m. CT Friday to $49.54.

Shares of oil and gas companies ticked down as oil futures slipped below the $50-per-barrel level, hurt by renewed glut fears. That's oil's lowest price since opening March 29 at $48.99.

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