US oil drilling rigs count falls to lowest level since 2009
Baker Hughes Co announced today that the US crude oil drilling rigs fell by 4 rigs to 181 during this week, which is the lowest level since 2009.
While the natural gas rigs held at 69 rigs unchanged, with the total of oil and gas rigs falling by 4 to 247.
Oil drops as dollar strengthens ahead of Baker Hughes data
Oil fell on Friday, as the US dollar rose against its counterparts, and ahead of the US oil rigs count released by Baker Hughes.
Baker Hughes will reveal later today the US oil and natural gas drilling rigs count for this week.
The dollar index rose against a basket of currencies by 0.7% to 93.4 points as of 13:35 GMT, after it hit a high of 93.4 and a low of 92.7.
The US Labor Department released its reading for the non-farm employment change index, as the economy has added around 1.8 million jobs in July, higher than forecasts of 1.530 million, and the unemployment rate fell to 10.2%.
As of 16:16 GMT, West Texas Intermediate crude fell 1.3% to $41.4 a barrel, after it hit an intraday high of $42.2 and a low of $41.1.
Brent fell 1.3% to $44.5 a barrel, with a high of $45.3 and a low of $44.3.
Loonie falls despite robust jobs data
The Canadian dollar fell against most currencies on Friday, despite the upbeat data that surpassed analysts' expectations.
The data showed the Canadian economy has added 418,500 new jobs in July, beating forecasts of 395,000 jobs.
The unemployment rate fell to 10.9% in July vs. 12.3% in June, beating forecasts of 11.1%.
The US economy also added 1.8 million new jobs in July, more than forecasts of 1.5 million, and the unemployment rate fell to 10.2% vs. 11.1%.
Coronavirus infections rose to 19.3 million cases globally, with a death toll of more than 718,000 victims, according to Johns Hopkins University data.
As of 15:23 GMT, CAD/USD fell 0.5% to 0.7476, after hitting a high of 0.7529 and a low of 0.7463.
Palladium drops as dollar regains ground
Palladium prices slumped on Friday, but remains above the $2,000 barrier, as the US dollar rose against most currencies.
Palladium was lifted recently by investors' demand for industrial and precious metals due to a sharp drop in the US dollar and hopes about promising coronavirus vaccines.
The US government revealed it has reached deals with companies such as Johnson & Johnson, Pfizer, BioNtech AstraZeneca and Moderna, to provide hundreds of millions of coronavirus vaccine doses.
The dollar index rose against a basket of currencies by 0.7% to 93.4 points as of 13:35 GMT, after it hit a high of 93.4 and a low of 92.7.
Palladium September futures fell 3.6% to $2,176.1 an ounce as of 13:36 GMT, after hitting a high of $2,292 and a low of $2,173.