On the week ended July 2, the US oil and gas rig count fell by 2 to a record low of 263. The record low has been going on for nine consecutive weeks although as oil prices have gone up, the reductions have slowed.
The rig counts dropped by 73% year-on-year or 700 units lower compared to the same period a week ago.
The oil-directed rigs went down by 3 to 185 units, the lowest since June 2009. Gas rigs, on the other hand, climbed by 1 to 76 units.
Over the last 10 weeks, oil futures have soared by 200% to around USD40/barrel on Thursday as optimism over demand rose with governments started to ease lockdown measures to curb the spread of coronavirus.
However, the prices are still down by 34% since the beginning of 2020.
Nevertheless, analysts opined that energy companies have shown a brighter mood due to higher oil prices and they will likely start reviving some curbed output or adding units later this year.
