Energy
Higher Oil Brings Mixed Data on Rig Counts (BHI, OIH, USO, OIL)
Published:
Last Updated:
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
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
