The number of oil rigs, which is considered a premature signal of future scenarios, dropped by 5 to 682 in the last week of June, on the 23rd of the month, resulting in the lowest level since April 2022. Following this, Baker Hughes documented that the number of Oil rigs was down by 71 in total. This is a small decline of 9% compared to last year. The Current number of rigs is 682, which is 71 rigs less than the count of last year’s tally and 393 rigs less than at the beginning of 2019. The decline was the … Continue reading US Oil Rigs Count Hits 16-Month Low as Industry Faces Uncertainty