Day: February 14, 2020

Oil prices were set early on Friday for their first weekly gain since early January as the market shook off the coronavirus panic and hoped for a Chinese stimulus in case the virus outbreak considerably slows down the economy. At 8:05 a.m. EST on Friday, WTI Crude prices were up 1.34 percent at $52.11, and Brent Crude traded up 1.42 percent at $57.15. Both benchmarks were on track for their fourth consecutive session of gains, which, if realized at close of Friday trade, would be the longest streak of oil price gains so far this…

Baker Hughes reported that the number of oil and gas rigs in the US held fast yet again this week at 790, with the total oil and gas rig falling 261 over the last 52 weeks. The number of oil rigs increased for the week, by 2 rigs, according to Baker Hughes data, bringing the total to 678—a 179-rig loss year over year. The total number of active gas rigs in the United States fell by 1 according to the report, to 110. This compares to 194 a year ago. …