All articles tagged with #wti benchmark
The number of active drilling rigs in the United States increased by 3 this week, bringing the total count to 622. The number of oil rigs rose by 4 to 501, while the number of gas rigs fell by 1 to 117. Crude oil production in the US reached a record high of 13.2 million barrels per day. The WTI benchmark was trading at $86.44 per barrel, while the Brent benchmark was trading at $89.65 per barrel.
The total number of active drilling rigs in the US fell by 11 this week, with the total rig count falling to 720, 8 rigs below this time last year, marking the first year-over-year loss since April 2021. The decline was entirely attributed to oil rigs, which fell by 11 to 575. The rig count in the Permian Basin fell by 4. Crude oil production levels in the US fell in the week ending May 12, from 12.3 million bpd to 12.2 million bpd. The WTI benchmark was trading down $0.28 (-0.39%) on the day at $71.58.