Number of US oil rigs drops to 2009 level

Number of US oil rigs drops to 2009 level

The number of US oil rigs dropped by 26 this week to 413, according to Baker Hughes data. It's the lowest level since December 2009.

According to Financial Times, a similar trend is observed on the background of the last report of the Energy Information Administration, which showed that US oil reserves rose to a new weekly record high.

According to Reuters, some analysts forecast the rig count will decline in coming months before recovering later this year in tandem with an expected rise in crude prices.

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