US oil rig count down by 40 to 624

The number of oil rigs in the United States decreased by 40 to 624 in the week ending March 27, compared to the previous week, according to the Baker Hughes weekly rig count.

Meanwhile, the number of US gas rigs fell by 4 to 102 during the same week and the total number of oil and gas rigs fell by 44 to 728, on a weekly basis. On an annual basis, the number of oil and gas rigs dropped by 278.

In Canada, the total rig count fell by 44 to 54, while in the Gulf of Mexico the total rig count fell by 1 to 18.Crude futures traded sharply lower as demand continued declining despite the largest-ever economic relief package adopted in the United States on Friday to support the struggling economy during the coronavirus pandemic.However, concerns over the length of the lockdowns imposed around the world continued to weigh on the demand.West Texas Intermediate futures for settlement in May dropped 5.35% at 7: 09 pm ET, going for $20.36 per barrel, after briefly sinking below the $20 mark for the first time since February 2002. One minute later, Brent contracts for the delivery in the same month declined 5.62%, going for $23.53 a barrel.