US oil-rig count rises for 12th straight week, Baker Hughes says

The US oil-rig count rose again this week, by 10 to 672, according to oilfields-services provider Baker Hughes. It’s the highest level since the week of August 28, 2015.

The gas-rig count increased by five to 165. Miscellaneous rigs were unchanged at two, taking the total rig count up by 15 to 839.

West Texas Intermediate crude oil futures were headed for a 3.2% weekly gain, the second-strongest this year, as the rig-count data crossed. Oil futures jumped on Thursday after the US Navy launched dozens of missiles at a Syrian airfield in response to a domestic chemical attack by President Bashar Assad.

High US production continues to put a lid on how high oil prices can go, even as the Organisation of Petroleum Exporting Countries readies a decision on whether to extend its deal to cut production beyond June.

Last week, the oil-rig count rose by 10, the gas-rig count increased by five, and miscellaneous rigs were unchanged at two.

More to come …

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