Baker Hughes oil rig count rises for 6th straight week

The US oil rig count increased by five to a total of 602 this week, according to Baker Hughes.

The gas rig count increased by two to 151. With one miscellaneous rig remaining in use, the total rig count rose by three to 754.

Last week, the oil rig count rose by six and the gas rig count by four.

US shale drillers continue to present a barrier to how much higher oil prices can go, even after the Organisation of Petroleum Exporting Countries (OPEC) and some non-producers agreed to cut their output. As analysts wait for full evidence that OPEC is abiding by its agreement, they’re keeping an eye on the rising rig count, which indicates that US production is not easing.

More to come …

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