Analysts expect that the US oil drilling activity will remain sluggish throughout the year.

Baker Hughes data shows that the number of active oil rigs in the US decreased by 2 to 422 last week, hitting a new low since September 2021. StoneX analyst Alex Hodes pointed out, "Oil drilling activity is expected to remain at a low level for the rest of the year, but current oil prices are far from low enough to warrant significant cuts in investment."