Oil Prices Rise Amid Further Rig Count Decline

By Julianne Geiger,oilprice – Jul 12, 2019, 12:16 PM CDTJoin Our Community

The US oil and gas rig count fell by 5 this week, according to Baker Hughes, after losing rigs last week as well.

The total number of active oil rigs in the United States fell by 4 according to the report, reaching 784. The number of active gas rigs decreased by 2 to reach 172. Miscellaneous rigs gained 1.

The combined oil and gas rig count is now 958 for the week, with oil seeing a 79-rig decrease year on year and gas rigs down 17 since this time last year. The combined oil and gas rig count is down 96 year on year.

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