US oil rig count falls to lowest level in more than five years

Oil prices came under pressure on Friday in the wake of the weak US labour market data, though they recouped their losses in the later hours of trading and actually closed up. Prices are making further gains as the new week of trading begins, Brent climbing to $49 per barrel and WTI to $46 per barrel. 

The price recovery that has been underway since Friday evening was triggered by Russia's continuing military intervention in Syria and US drilling activity figures from oil service provider Baker Hughes. These show that the oil rig count declined by 26 last week. 

"This was the fifth consecutive weekly decrease and the most pronounced fall since April. At 614, drilling activity was at its lowest level since August 2010. Thus there are increasing signs that the low price level is driving US oil production further down", says Commerzbank.