US Oil Rig Count Drops 5 in Week Ending August 28
The latest data from Baker Hughes has revealed that the number of oil rigs in the US decreased by 5 this week. This brings the total count to 447 for the week ending August 28.
This decrease is a short-term indicator, but it's worth noting that the number of US oil rigs increased by 35 compared to one year ago.
The current price of international benchmark Brent crude futures stands at $88.10 per barrel, while American benchmark West Texas Intermediate (WTI) was at $83.44 a barrel on Friday.