Oil bulls will get no help this week before the week's end, with Baker Hughes reporting that the number of oil and gas rigs in the US increased this week, to 796-an increase of 15 rigs. It is the first weekly gain in four weeks.
The total oil and gas rig count is now 254 down from this time last year.
For oil rigs, this week saw an increase of 14 rigs, according to Baker Hughes data, bringing the total to 673-a 179-rig loss year over year.
The total number of active gas rigs in the United States increased by 1 according to the report, to 120. This compares to 198 a year ago.
The WTI benchmark at 12:55pm was $58.53 per barrel-down just $0.40 per barrel from this time last week, and flat (0.00%) on the day. The Brent benchmark was trading at $64.76, down $0.20 on the week, and up $0.14 (+0.22%) on the day.
This nearly flat trading on the day is despite yesterday's news that the US had signed the new USMCA with Mexico and Canada that would ostensibly lift the quantity of US oil exported to those countries. The Phase 1 trade deal signed with China, too, improved the demand outlook, but a sustained bump in prices was not in the cards.
Canada's overall rig count increased this week, with oil and gas rigs adding 41 rigs. Oil and gas rigs in Canada now stand at 244, up 35 year on year.
At 9 minutes past the hour, WTI was starting to slide and was trading at $58.49, while Brent was trading at $64.68.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More