Copyright of the Daily Oil Bulletin 2017
U.S. Drillers Add Oil Rigs For 15th Week, Monthly Pace Slows
(Reuters) — U.S. drillers added oil rigs for a 15th week in a row, but the pace of those additions slowed in April to the lowest in five months as crude prices fell below $50 a bbl on doubts OPEC will continue to cut production enough to reduce the global glut.
While that is more than double the same week a year ago when there were only 332 active oil rigs, the pace of additions has declined in April with 35 rigs deployed, the lowest since November when 33 rigs were added.
That compares with the addition 60 oil rigs in March, the most added in a month since December 2011.