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US oil rig counts fall to lowest levels since late 2009

by ChemOrbis Editorial Team -
  • 07/03/2016 (11:54)
According to media reports, the number of active oil rigs in the US has fallen by 8 for the week ending March 4 to 392, falling below 400 for the first time since late 2009.

Because of lower crude oil prices, which are still at multi year low levels despite a recent uptick, US oil producers have cut the number of rigs by more than half. In the same period of last year, 922 oil rigs were reportedly operating in the US.

Currently, NYMEX April crude oil futures are hovering at around $36.50/barrel while ICE May Brent crude futures are standing near $40/barrel at $39.29/barrel in intraday trading. On Friday, NYMEX April crude rose $1.35 to settle at $35.92/barrel while ICE May Brent crude was up $1.65 to settle at $38.72/barrel.
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