Rise In Rig Rely Threatens To Undermine Current Oil Worth Spike

The variety of lively oil and fuel rigs in america rose for the eighteenth straight week, Baker Hughes reported on Friday—this time by 16. The variety of oil rigs in operation elevated by eight, and fuel rigs elevated by the identical quantity. Mixed, the full oil and fuel rig rely within the US now stands at 901 rigs, or 497 above the rely a yr in the past. The final time oil and fuel rigs within the US exceed 900 was Might 1, 2015. At 12:27pm EST, WTI was buying and selling up 2.21% for the day at $50.44—having crossed the ever-important $50-per-barrel mark.…

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