Commodities
US Oil Rig Count Falls as Gas Rigs Rise Amid Higher Production
The US oil rig count fell by 5 this week, while gas rigs rose by 5. According to Baker Hughes' latest data, the total active drilling rigs in the country remained unchanged at 588, with a year-over-year increase of 52.
The number of active oil rigs decreased to 447, which is still 35 above last year's levels. Conversely, gas rigs increased to 132, surpassing last year's count by 13.
The weekly US crude oil production averaged 13.843 million barrels per day (bpd) during the week ending August 21, up from 13.830 million bpd the previous week and 461,000 bpd higher than a year ago.