The US
oil-rig count increased by nine to 697 this week, according to Baker Hughes.
The rise
demonstrated again that explorers continue to take advantage of higher oil
prices. Schlumberger and Halliburton — the two largest oilfield-services
companies — this week reported first-quarter earnings that showed stronger
demand. As a whole, the energy sector is expected to be the biggest contributor
to year-over-year S&P 500 earnings growth.
Gas rigs
increased by four to 171. With miscellaneous rigs unchanged at two, the total
rig count rose by 13 to 870.
Shortly
after the rig-count release, West Texas Intermediate crude oil futures were
little changed, up by 0.4% at $49.19 per barrel. WTI was headed for a 0.8% weekly
drop and a second-straight monthly decline as concerns persisted over the level
of global inventories. Data released on Wednesday from the Energy Information
Administration showed that gasoline stockpiles jumped last week even as crude
inventories fell more than expected.
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