U.S. Oil Stocks Rise, Total Rig Count Drops to 603, Oil Rigs at 496

Recent data from the American Petroleum Institute (API) and Baker Hughes shows fluctuations in the U.S. oil industry. According to API, the weekly crude oil stock recorded an increase of 0.509 million barrels, contrary to the expected decrease of 1.430 million barrels. Additionally, distillate stock also rose by 1.713 million barrels. In contrast, the Baker Hughes oil rig count indicates a decrease, with the total rig count dropping from 605 to 603, and the number of oil rigs decreasing from 499 to 496. The rotary gas rigs count slightly increased from 102 to 103.