Oil rig count in US falls by 5 to 779 this week

Oil rig count in US falls by 5 to 779 this week



The number of oil rigs in the U.S. decreased by 5 this week, from the previous week, according to data released by oilfield services company Baker Hughes on Friday.

The oil rig count in the U.S. reached 779 for the week ending July 19, from 784 the week before, the data showed.

Following the data, international benchmark Brent crude closed Friday at $63.03 per barrel, marking a 0.63% increase over Thursday’s closing price of $62.62.

American benchmark West Texas Intermediate (WTI) was up 1.34% on Friday, ending the day at $55.89 a barrel, after closing the previous day at $55.15 per barrel.

Brent oil prices continued their upward trend on Friday as tensions between the U.S. and Iran intensify.

The U.S. destroyed an Iranian drone in the Strait of Hormuz after it threatened an American warship, U.S. President Donald Trump said on Thursday.

On Friday Iranian Deputy Foreign Minister Abbas Araqchi denied that Iran had lost a drone in the Strait of Hormuz.

Related posts