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Baker Hughes US oil rig count -5 - ForexLive

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Baker Hughes US oil rig count -5 | Forexlive

- Oil rigs 520 vs 525 prior
- Gas rigs 117 vs 123 prior

The market is betting on OPEC+ supply next year filling the shortfall of production because it doesn't look like it will be coming from the US. WTI crude is up $1 to $81.39 on talk of a big inventory draw next week in the US.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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