The number of active oil rigs in the United States rose over the past seven days to 499 from 497, according to data released today by Baker Hughes on January 26. Active natural gas rigs fell to 119, down from 120, bringing the total number of active rigs to 621 from 620 a week ago.
Oil prices closed significantly higher today 1/25, as better-than-expected US GDP data and the stimulus policies announced by the Chinese government revived hopes for increased demand this year.
The geopolitical uncertainty prevailing both in the Middle East and Ukraine also had a positive effect. In fact, the rise could have been even greater if the US dollar had not strengthened further (the ICE US Dollar Index fell beyond 103.5 points).
Against this backdrop, Brent (for March delivery) gained 3% to close at $82.43 per barrel, while West Texas Intermediate (WTI) crude for March delivery registered a similar rise, closing at $77.36 per barrel. For the past week as a whole, Brent and WTI gained 0.3% and 1% respectively.
