US rig count drops for first week in three

HOUSTON (ICIS)–The US rig count fell in the week ended 29 March following two consecutive weeks of builds, according to data released on Thursday by oilfield services firm Baker Hughes.

The oil-rig count dropped by seven, while the natural gas rig count rose by four. The drilling report was released a day early because of the Good Friday holiday.

	9 Mar	16 Mar	23 Mar	29 Mar
Oil	796	800	804	797
Gas	188	189	190	194
Total	984	990	995	993

Source: Baker Hughes

Source: Baker Hughes

Oil-rig count is an indicator of future US crude production and can impact oil prices. The driller report provided underlying support on Thursday as NYMEX WTI crude futures rose on pre-long weekend correction following three consecutive down sessions.