According to the oil rig count from oil services company Baker Hughes, the number of active US oil drilling rigs fell by 12 last week. As a result, crude cemented its price gains.
For the whole trading week, oil remains in the green zone as a response to Friday’s report from Baker Hughes, which reads that US oil drillers closed oil rigs for a 10th week in a row.
As of 08:19 EST on Monday, April Brent futures gained 1.25% and were trading at $35.54 a barrel on London’s ICE Futures exchange. New York-traded WTI futures for April delivery rose 0.49% to $32.94 a barrel.
In the week ended February 26, the total active US rig count, which includes natural gas rigs, was down 12 or 2.33% to 502. Compared to last year, the total score has dropped by 765 or 60.3%. According to Baker Hughes, US drillers removed 13 oil rigs, bringing the total rig count down by 3.15% to 400, the lowest figure since December 2009. In the same week, the number of gas rigs increased by 1 to 102.
