Total rig count
The weekly Baker Hughes rig count for the week is showing:
- Oil rigs:859 vs 861 last week
- Gas rigs:183 vs 186 last week
- Total rigs: 1044 vs 1048 last week
Crude oil was trading at $68.40 before the report.
This is the 2nd cut in the last 3 weeks.
The price of crude oil is little changed after the report.