US oil rig count falls for 26th straight week (USO, VDE, WTI, OIL)
The US oil rig count fell again this week.
The latest data from oil driller Baker Hughes showed that the number of oil rigs in operation fell by 4 to 642 this week, the lowest level since August 16, 2010.
The combined count fell by 7 to 868, the lowest level since January 24, 2003.
Last week, data from driller Baker Hughes showed that the number of oil rigs in operation fell by 13 to 646, the lowest level since August 13, 2010. In the prior week, the count fell by just one.
Combined oil and gas rigs fell by 10 to 875.
Following the data, West Texas Intermediate crude oil traded lower but little changed at around $57.92 per barrel.
The US benchmark slid this week from above $61.
Goldman Sachs had identified $60 per barrel as a price level around which producers would ramp up production, as they are "increasingly comfortable at the current costs/revenue/funding mix."
On Friday, Saudi Arabia's oil minister Ali Al-Naimi confirmed that the 12-member oil cartel OPEC is maintaining its production target at 30 million barrels per day. This was widely expected by market participants.
Here's the latest chart of the plunge we've seen over the last six months:
- The Pentagon thinks Snowden took A LOT of documents that had nothing to do with surveillance
- Samsung just accidentally revealed nearly everything about its next phone
- US oil rig count falls