The number of oil rigs in the U.S. increased for the sixth time in the last seven weeks, and for the third consecutive week, according to the oilfield services company Baker Hughes on Friday.
Oil rig count in the country rose by 6 this week to reach 357. Last week, the number of oil rigs increased by 10, the most since April 15. And the week before, the oil rig number had jumped by 11 -- the highest weekly jump in the last six months.
However, the total number of oil rigs in the U.S. is still 78 percent below its highest level in October 2014 when it was at 1,609.
After the release of Friday's data, the price of crude oil in global market was slightly down, but remained on the positive.
The American benchmark West Texas Intermediate fell to $45.88 a barrel, from $46.11, while the international benchmark Brent crude declined to $47.54 per barrel, from $47.81 before 6:40 p.m. GMT.
The rig count provides an indication on the well-being of the oil sector in the U.S., and signals possible short-term production cuts and increases. Due to low oil prices, oil rigs are removed, wells are shut down, while production declines.
The U.S. oil output was at 8.4 million barrels per day (bpd) for the week ending July 8, according to the country's Energy Information Administration.
Domestic oil production in the U.S. is now 1.2 million bpd less than June last year when output peaked at 9.6 million bpd.
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr
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