OilPrice.com | Nick Cunningham
As a result of OPEC’s deal extension, the U.S. rig count rose by 6 and prices are expected to rise.
A day after OPEC extended the already-extended production cut deal to end-2018, oil and gas rigs in the US climbed by 6. The boost to the number of oil and gas rigs in the US is likely just a taste of what’s to come if oil prices continue to climb as a result of OPEC’s prolonging of the deal that is designed to ease the glut. And at current prices of WTI, US drillers are bound to find sufficient funds to add rigs, pressuring the prices that OPEC is attempting to hold fast.
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