Canada Weekly Rig Count Down 17 to 88

Domestic production

Domestic production

West Texas Intermediate crude for May delivery was up 80 cents, or 1.3%, at $60.10 a barrel, little changed from its level ahead of the data. The high water mark for oil rigs reached 888 in November 2018.

Gas rig count 190 vs 192 last week. This week's numbers represent the largest weekly rig cut in three years.

PNB scam accused Nirav Modi produced in United Kingdom court, bail hearing underway
The Mallya case had been cast as a watershed moment for the way in which Indian authorities worked with Britain on extradition. Nirav Modi , donning a mustache and a semi-beard, is present inside the court along with his lawyer Anand Doobay .

The number of rigs operating in US oil fields fell by eight to 816 this week, and more than half of them were located in the Permian Basin region of western Texas and southeastern New Mexico. Current activity is almost even with that of one year ago, and today's rig count is only up 13 year-over-year. Global supply in February was 99.15 million bpd, according to OPEC. The U.S. Energy Information Administration says the U.S. will produce a record 12.4 million bpd of oil in 2019 and up that to 13.2 million bpd in 2020.

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