Oil rig count: -8 to 465 (4th straight weekly decline)Natural gas:-2 to 98Total rigs -10 to 566
Drill. Drill. Drill has not exactly been happening. Yet oil prices are still down on the year with the price down -14.51% or -$10.42 from the closing level at the end of 2024 ($71.81). The current price is at $61.39. OPEC+ increased production and the expectations of slower growth is weighing on the price.
This article was written by Greg Michalowski at www.forexlive.com.