US oil rig count steady for first time this year

21/05/2016 Argaam

US energy firms kept the number of oil-drilling rigs unchanged for the first time this year at 318 in the week that ended May 20, according to oil-field services firm Baker Hughes.

 

The latest figures indicate that a two-year slump in rig count may be ending. 

 

The number of rigs last peaked in October 2014 at 1,609, and has been sliding ever since oil prices began to drop during the same year.

 

The US offshore-rig count stood at 24 in the week ending May 20, adding two rigs from the previous week but declining by 5 year-on-year.

 

Meanwhile, the number of gas rigs in the US fell by two to 85.

 

Crude oil prices declined on Friday but were still on track for a second straight week of gains, supported by supply disruptions in Canada, Libya and Nigeria.

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