Scroll to Top

Oil prices firm on signs of US production slowdown

By dailymail / Published on Monday, 17 Jul 2017 02:00 AM / No Comments


U.S. drillers added two oil rigs in the week to July 14, bringing the total count up to 765, energy services firm Baker Hughes said on Friday.

While that is the highest level since April 2015, the rate of those additions has slowed. Rig additions over the past four weeks averaged five, the lowest since November 2016.

“Given the usual time lag between price signal and drilling decision, the coming month, which also features the E&P (exploration and production) earning season, will be key,” said U.S. bank Goldman Sachs.