US Oil Rig Count Rises Amid Declining Gas Activity

The US oil rig count has seen an increase as gas rig activity declines. According to Baker Hughes, the total number of active drilling rigs for oil and gas in the United States remained steady at 588 this week, a rise of 51 from the same time last year.

The number of active oil rigs rose by 2 to 449, which is 35 above this time last year. In contrast, the number of gas rigs fell by 2 to 130, still 12 more than this time last year.

Weekly US crude oil production saw a rise during the week ending August 28, averaging 13.862 million barrels per day (bpd), up from 13.843 million bpd last week and up 423,000 bpd from a year ago.