US Drillers See Pullback as Oil Prices Rise

The number of active drilling rigs in the US fell to 588 this week, up from 538 last year, according to Baker Hughes' latest data. This includes a decline in oil rigs, which dropped by three to 452, still above last year's count of 411.

Gas rigs decreased by one to 127, with miscellaneous rigs also falling by one to nine. The Permian Basin saw an increase of two rigs, reaching 267 and exceeding its year-ago level by 12. In contrast, the Eagle Ford rose by just one to 50, still up from last year's count of 39.

The EIA data shows US crude oil production averaged 13.830 million bpd during the week ending August 14, a rise from last week's 13.805 million and 503,000 more than the same time last year.