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U.S. drilling rig count increases by 3

Xinhua,February 24, 2018 Adjust font size:

HOUSTON, Feb. 23 (Xinhua) -- U.S. drilling rig count increased by 3 this week, bringing the overall count to 978, according to weekly data collected by Houston's Baker Hughes oilfield services firm on Friday.

The number of oil rigs added one, and the overall stands at 799, or 197 over this time last year. The number of gas rigs, which rose by 2 this week, now stands at 179, or 28 rigs above this week last year.

Meanwhile, U.S. crude inventories fell in the week ending on Feb. 16, and oil exports are on the rise.

Early Friday afternoon, the West Texas Intermediate (WTI), the U.S. benchmark for the price of oil, and Brent benchmarks increased by 1.29 percent and 1.41 percent to 63.58 U.S. dollars and 67.04 dollars respectively.

Oil prices surged late 2017 with WTI hovering above 65 dollars a barrel, the highest since December 2014. However, the U.S. benchmark for the price of oil tumbled about 2.5 percent to less than 62 dollars a barrel last week. Enditem

 

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