5/13/2016, 7:00 PM (Source: TeleTrader)
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Rig count: U.S. closes 10 oil rigs, Canada adds 5 oil rigs

There were 318 oil rigs active in the United States on May 13, compared to 328 a week ago. The number of gas rigs fell by 1 to 87. In the comparable report from a year ago there were 660 oil rigs and the number of gas units stood at 223 in the United States, according to Baker Hughes' Rotary Rig Count issued on Fridays at 1:00 p.m. EDT (7:00 p.m. CET).

The number of oil rigs in Canada rose by 5 to a total of 16 on May 13. Canada had 21 oil rigs a year ago. There were 26 gas rigs in the current report, or 2 more compared to the last week. Canada saw 5 gas rigs closed in one year.

Worldwide, the number of rigs stood at 1,424 at the end of April, of which 946 were in North America.

Oil prices were falling on Friday following the three-day rally, as the U.S. dollar strengthened to a two-week high, putting pressure on buyers. The dollar index rose 0.62% to 94.73 at 7:07 p.m. CET.

Oil prices fluctuated following a huge wildfire in oil sands region of Canadian province of Alberta. Latest outage in Nigeria, caused by militant attack on pipelines, cut its daily output from 2.2 to 1.65 million barrels per day, according to state officials.

The Organization of the Petroleum Exporting Countries (OPEC) issued its monthly report, which said that its member countries produced 32.44 million barrels of oil per day in April, up 188 thousand barrels from March.

On Thursday, Russian energy minister Alexander Novak said he expected his country would produce 540 million tons this year, up from 534 million tons in 2015. He reminded that global oil surplus was 1.5 million barrels per day.

North American light sweet crude West Texas Intermediate for June delivery was down 0.93% at $46.79 a barrel. The crude gained 11.39% in just one month.

International benchmark Brent also for June contracted 0.46% lower at $47.70 per barrel at 6:55 p.m. CET. The crude added 9.02% in one month.

The OPEC 13-crudes daily basket price stood at $41.31 a barrel on Thursday, compared with $41.40 the previous day.

Breaking the News / ZR