Oil rig count has biggest increase of 2016 – Business Insider

The US oil rig count rose for the second time in three weeks, climbing 9 to 325 according to driller Baker Hughes.The gas rig count fell 5 to 82, and the total was up 4 to 408. Last week, the decline in oil rigs continued after pausing in the prior period. The count fell by 2 to 316, while the gas rig count rose 2 to 87. The total rig count was 404. The data could provide some clues about whether some producers got back in the game as crude oil prices approached $50 per barrel, said Accendo Markets’ Mike van Dulken in a note ahead of the report.Crude oil prices declined further after the release. West Texas Intermediate crude futures in New York were down 1.4% to $48.35 per barrel.

Source: Baker Hughes Rig Count, June 3 – Business Insider

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