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5/20/2016, 7:00 PM (Source: TeleTrader)
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Oil rig count: U.S., Canada keep all oil rigs for the week

There were 318 oil rigs active in the United States on May 20, the same as a week ago. The number of gas rigs fell by 2 to 85. In the comparable report from a year ago there were 659 oil rigs and the number of gas units stood at 222 in the United States, according to Baker Hughes' Rotary Rig Count.

The number of oil rigs in Canada also remained the same by, at a total of 16 on May 20. Canada had 24 oil rigs a year ago. There were 27 gas rigs in the current report, or 1 more compared to the last week. Canada closed 8 gas rigs 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 on a path of slow decline on Friday, with stronger U.S. dollar preventing higher trade of the commodity, as many commodities are priced in the currency. Higher global inventories were a pillow for several outages, notably in Nigeria and Canada. Prices were almost still in an anticipation of the Baker Hughes report, issued on Fridays at 1:00 p.m. EDT (7:00 p.m. CET).

North American light sweet crude West Texas Intermediate for June delivery was down 0.47% at $48.43 a barrel. The crude gained 5.41% this week.

Premium international blend Brent for July delivery contracted 0.27% lower at $48.68 per barrel at ICE Europe by 7:00 p.m. CET. The crude rose 2.36% for the week.

The Organization of the Petroleum Exporting Countries earlier reported its OPEC daily basket price of 13 crudes at $43.84 a barrel on Thursday, compared with $44.88 on Thursday.

Natural gas rose 0.90%. Gasoil was up 1.08%, while heating oil prices inched down 0.14%.

Gold fell 0.28% to $1,251.16. The U.S. dollar index added 0.10% to 95.38 by 7:00 p.m. CET.

Breaking the News / ZR