Crude Oil Rallies As Rig Count Drops

US Offshore Rig Count Up by 1

The number of rigs exploring for oil and natural gas in the US decreased by five this week to 949.

Crude oil prices and energy commodity-related exchange traded funds surged Friday as drillers aim to proceed more cautiously in light of the ongoing pressure in the oil market. That compares with 406 active oil rigs during the same week a year ago.

Drillers cut five oil rigs in the week to August 18, bringing the total count down to 763, Baker Hughes said.

The number of rigs drilling for oil and natural gas dipped again nationwide and in Oklahoma this week, according to Baker Hughes.

The rise in the number of active rigs in the United States has slowed in recent weeks, with the 5-week average gain for USA oil rig count falling into negative territory, compared to the previous 5-week average gain of 5 rigs. Brent crude LCOc1 futures for October delivery rose $1.69 to $52.72 a barrel, a 3.3 percent gain.

US producers could act as a stabilizing agent as shale oil drillers can quickly balance out supply shocks by pumping out more or less to bring prices down to Citi's projected range.

Nigeria's crude oil exports are expected to slip to 1.72 million barrels per day (bpd) in October, loading programs showed on Friday.



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