HOUSTON (ICIS)--The US rig count remained steady in the week ended 17 August, according to a Friday drilling report from oilfield services firm Baker Hughes.
The lack of movement follows a 13-rig gain last week, although the count has remained largely stable during the summer as US oil prices have steadily declined since early July.
The count, which in recent years has become closely tied to oil prices and indicates coming US production, is up by over 100 year on year. Companies have committed to spending more on exploration and production amid the expectation of higher prices throughout the year.
WTI crude futures were lower in the week amid a stronger US dollar, an unexpected surge in crude stocks and US-China trade concerns.
|Week-on-week change (oil)||0||10||-2||3|
|Week-on-week change (total)||0||13||-4||2|
Source: Baker Hughes