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Rig counts are falling—a reflection of higher interest rates and labor costs that now affect drilling costs, moving break-even prices even higher out in the price curve.
The extension of the supply cuts from OPEC+ have overcome concerns about global oil demand and to push price of Brent crude above $90 for the first time since November 2022.
U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, says Baker Hughes.
Oil rigs in the U.S. fell by 5 to 540, while gas rigs rose by 11, landing at 135, which is the highest since early June.
Oil rigs in the U.S. fell by 1 to 545, while gas rigs dropped by 6 to 124.