Energy

Higher Oil Brings Mixed Data on Rig Counts (BHI, OIH, USO, OIL)

offshore-rig-pic5Baker Hughes Incorporated (NYSE:BHI) has released its weekly data on rig counts, and it seems that the suddenly higher oil prices are reversing some declines.  There has still been no set direction between gains and losses, but these counts are at least no longer in free-fall.  We are also watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.

The U.S. Rig Count is up 17 from last week at 985; down 1,013 year-over- year.

The Canadian Rig Count is down 6 from last week at 164; down 293 year-over- year.

The US Offshore rig count is 31, unchanged from last week; down 34 year over year.

The Oil Services HOLDRs (NYSE: OIH) is up 3.3% at $108.43, the United States Oil (NYSE: USO) ETF is up 2% at $38.42 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 2% at $25.39 after the rig count news.

JON C. OGG
AUGUST 21, 2009

Essential Tips for Investing (Sponsored)

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.