Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 6 to 189—a gain that may push prices down further.
The total number of active oil and gas rigs increased for the week by 5, with oil rigs increasing by 6 and gas rigs decreasing by 1.
Total oil and gas rigs in the United States are now down by 589 compared to this time last year.
Canada’s overall rig count rose by 4 this week. Oil and gas rigs in Canada are now at 75 active rigs, and down 69 year on year.
WTI was trading sharply down on Friday, as was the Brent benchmark, coming off another major slump in the previous trading day. Prices have been under pressure due to the demand slump, and today prices feel further as President Trump notified the world that he and his wife tested positive for the coronavirus.
By Julianne Geiger for Oilprice.com