U.S. active drilling rigs drop to 583, oil production falls to lowest since early summer.

The number of active drilling rigs in the U.S. has fallen to 583, down one from the previous week and 39 from a year ago, according to Baker Hughes. Oil rigs increased by one to 479, while gas rigs decreased by two to 99. Despite the decline in rigs, US crude oil production dropped to 13.201 million bpd, its lowest since early summer. Oil prices rose, with WTI up 1.31% to $71.02 and Brent up 1.04% to $75.00, influenced by geopolitical tensions between Russia and Ukraine.

November 22, 2024
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