Williston, ND (KEYZ) The US oil-rig count rose by five to 688, according to oilfield-services provider Baker Hughes, marking the 14th week in a row with an increase. Gas rigs rose by five to 167 and miscellaneous rigs remained unchanged at two, leaving the total rotary rig count at 857. The oil rig count was at its highest level since the week ending April 24, 2015.
The Bakken Oil Rig Count decreased by three during the past week from 51 to 49, according to information received from the Department of Mineral Resources on April 21st.
Oil prices tumbled more than 2 percent on Friday, marking the biggest weekly drop in a month, on renewed concerns that increasing U.S. production and high inventories will thwart OPEC’s attempts to reduce the global crude glut.
U.S. crude futures fell below $50 a barrel for the first time in two weeks, with volumes picking up in an active session that by late afternoon showed more than 560,000 front-month contracts changing hands, more than the daily average. U.S. crude futures, which rolled over on Friday, settled at $49.62 a barrel, down $1.09, or 2.2 percent. For the week, it was down 6.7 percent, its steepest drop since the week of March 10.
Brent futures were down $1.05, or 2 percent, at $51.94 a barrel by 2:38 p.m. (1838 GMT), on pace for a roughly 7 percent weekly decline.