US weekly oil rig count decline slows – Baker Hughes

27 Jun 2015 | Author: | No comments yet »

With Oil Prices Recovering, Rig Count Steadies.

Energy companies withdrew three rigs from oil fields this week, the smallest drop in five weeks, data showed on Friday, a sign the collapse in drilling may be coming to an end as crude prices recover after falling 60 percent from last June to March. It was the 29th consecutive weekly decline, bringing the total down to 628, the lowest since August 2010, the oil services company Baker Hughes said in its report. Analysts at Evercore ISI, a banking advisory firm, said in a report that they expected the rig count decline “to remain lumpy in the coming weeks,” before bottoming out most likely in the third quarter. With American crude futures averaging around $60 a barrel since the start of May — up 40 percent from a six-year low in March — several drillers, including most recently WPX Energy in the Bakken, said they planned to return to the well pad.

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