US Oil Rig Count Down, Oil Stockpiles Up

Bloomberg reported that the US oil rig count declined by 11 to 1,402, the fourth drop in six weeks. Oil stockpiles are up 8.53 million barrels for a total of 367.6 million barrels.

As quoted in the market news:

The oil rig count, which has gained every quarter since March 2009, has dropped from 1,421 on June 29 as producers slowed exploration for crude and natural gas liquids. New drilling technologies have boosted crude stockpiles to 22-year highs, and crude futures, which reached $100.42 in intraday trading Sept. 14, tumbled 7.2 percent in the first four days of this week on concern that the world economy is slowing.

Oil for November delivery rose for the first time in five days, by 47 cents, or 0.5 percent, to settle at $92.89 a barrel on the New York Mercantile Exchange. Prices are down 6 percent this year.

Click here to read the full Bloomberg report.