Weekly US oil and natural gas rig count down by 8 to 877

29 Aug 2015 | Author: | No comments yet »

MarketsUS drillers increase rig count for sixth week.

YALE, Okla. (AP) — The Oklahoma Highway Patrol says a trooper shot and wounded a man who was leading officers on a chase that began in Pawnee County and ended in Noble County. HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by eight to 877.

Ahead of the release, West Texas Intermediate, the US oil benchmark, jumped 6.8 per cent to $45.47 a barrel, while Brent crude, the global oil standard, climbed 6 per cent to $50.51 a barrel. Paul Timmons says the trooper shot 40-year-old Brandon James Wooten Thursday night while Wooten was driving a suspected stolen pickup truck on a county road at State Highway 15. Oil prices surged Thursday as traders who had bet on lower prices closed out those positions following positive U.S. economic data, news that some Nigerian exports would be halted and a report that Venezuela wanted an emergency meeting of the Organization of the Petroleum Exporting Countries to respond to low prices. The rally comes after concerns about China’s economy, coupled with persistently high oil output from the U.S. and OPEC, the 12-nation oil cartel, has soured investor sentiment recently.

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