US Oil Rig Count Surges to 595
The US oil and gas drilling rig count rose to 595 over the week, marking a significant increase of 53 rigs compared to the same period last year, according to Baker Hughes data reported by OilPrice. The number of active oil drilling rigs increased by two to 452, with an additional 34 rigs from the previous year.
The number of gas rigs also rose by two to 134, while there was no change in the number of rigs for other purposes, remaining at nine. The Permian Basin saw a one-rig increase to 269, surpassing last year's level by 15 rigs.
Before the data release, oil prices had been declining, with Brent trading at $103.60 per barrel and WTI at $100.67 per barrel. However, the rig count increase may have some bearing on future production levels and could impact oil prices in the coming weeks.