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Oil prices stayed unsettled, particularly in the Eurozone, though prices toward the end of June and into July recovered moderately, with Brent crude hovering around the $95/bbl mark and Saudi Light only slightly higher. U.S. crude production was up again, with the Lower 48 more than offsetting a continued decline on the North Slope. World production declined by about 500,000 bpd, most of that in the OECD countries. Natural gas prices continued to climb off their extreme lows, with Henry Hub reporting an average $2.46/Mcf. The U.S. drilling rig count held mostly steady in June, while the worldwide count rose significantly to over 1,500 rigs.
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