Higher oil prices fail to tempt US producers as rig count flatlines

Quantum Commodity Intelligence – The number of US oil rigs in operation last week flatlined despite oil prices rising 8% so far this month to fresh 32-month highs, according to data from Baker Hughes.

The analysts said there were 470 rigs in operation across the US by June 25, while an additional nine were on operation in Canada, taking the toll north of the border to 750.

The rig count, however, has been steadily climbing as WTI futures creep towards $74/b, with the international price benchmark Brent rising to $76/b – up $6/b on the month so far.

The number of international rigs in operation by the end of May has risen by 55 to 750, according to the Baker Hughes survey.