At the top of the hour, this week’s tally of US oil and gas rigs will be released by driller Baker Hughes.
Last week, the oil rig count declined by 13 to 662, the biggest in three months. It was also the first time in seven weeks that the rig count fell.
Earlier this week, Baker Hughes’ rig count report for August showed that the average total rig count for August was 883, up 17 from July.
Ahead of the release, West Texas Intermediate crude futures were down about 2% in New York, near $US44.86 per barrel. Goldman Sachs’ Jeffrey Currie forecast in a note Friday that oil could fall to as low as $US20 per barrel, and oversupply will persist in 2016.
We’ll have all the latest details as soon as they cross near 1:00 p.m. ET. Meanwhile, here’s the most recent chart of the oil rig count.
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