US rig count drops for first week in three

29 March 2018 23:15 Source:ICIS News

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.

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By Amanda Hay