US Oil Rig Count Slips as Crude Prices Remain Elevated

The US oil rig count has decreased by one to 587 this week, according to data released by Baker Hughes on Friday. This decline is largely due to a drop in oil-directed drilling, which saw two fewer active rigs at 450. Gas rigs, however, increased by one to 127.

Despite the modest decrease, the US rig count remains higher than it was this time last year, with 35 more oil rigs and five more gas rigs in operation. The current rig count is also reflective of the continued caution among producers, even as crude prices remain elevated.

The price of Brent crude has eased slightly to $95.96 per barrel, down 4.70% on the day but still above $8 higher than a week earlier. West Texas Intermediate (WTI) also fell by 4.22% to $88.30 per barrel, reflecting profit-taking after a sharp rally driven by concerns over potential supply disruptions.