U.S. Oil Rig Count +5 From Last Week To 505, Rig Count +3 From Last Week To 625
Portfolio Pulse from Benzinga Newsdesk
The U.S. oil rig count has increased by 5 from last week, reaching a total of 505 rigs. The overall rig count, which includes oil and other types, is up by 3 from last week, totaling 625 rigs.
December 01, 2023 | 6:04 pm
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The increase in the U.S. oil rig count suggests a potential rise in production, which could impact the United States Oil Fund (USO) as it tracks the price of oil.
The increase in oil rigs indicates a potential for higher oil production, which could lead to changes in oil supply and possibly affect oil prices. Since USO tracks the price of oil, changes in supply can influence its performance. However, the impact may be neutral in the short term as the market adjusts to the new rig count and assesses global demand and other factors influencing oil prices.
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