ADVERTISEMENT

Oil slides as US production shows no signs of slowing down

On Friday, data from oilfield-services company Baker Hughes showed that the oil-rig count rose for a 9th straight week.

29 (tie). Service unit operator (oil, gas, and mining)

Crude oil is weaker on Monday as US oil production is showing no signs of slowing down.

ADVERTISEMENT

On Friday, data from oilfield-services company Baker Hughes showed that the oil-rig count rose for a 9th straight week. The count climbed by 14 to 631, the highest level since September 25, 2015.

All the new rigs were horizontal — the types that created the huge output levels in America's shale boom.

The total rig count is still 978 from its peak before the impact of the oil crash hit drillers, but that gap continued to shrink last week.

ADVERTISEMENT

The May contract of West Texas Intermediate crude oil futures, the US benchmark of oil prices, fell 1.6% to $48.54 per barrel.

Last week Tuesday, oil fell to its lows of the year, below $48, after

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT