Higher Oil Brings Mixed Data on Rig Counts (BHI, OIH, USO, OIL)

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By Douglas A. McIntyre Updated Published

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Baker Hughes Incorporated (NYSE:BHI) has released its weekly data on rig counts, and it seems that the suddenly higher oil prices are reversing some declines.  There has still been no set direction between gains and losses, but these counts are at least no longer in free-fall.  We are also watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.

The U.S. Rig Count is up 17 from last week at 985; down 1,013 year-over- year.

The Canadian Rig Count is down 6 from last week at 164; down 293 year-over- year.

The US Offshore rig count is 31, unchanged from last week; down 34 year over year.

The Oil Services HOLDRs (NYSE: OIH) is up 3.3% at $108.43, the United States Oil (NYSE: USO) ETF is up 2% at $38.42 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 2% at $25.39 after the rig count news.

JON C. OGG
AUGUST 21, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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