Commodities
US Rig Count Down Five as Prices Climb
The US oil and gas rig count has declined by five from last week, according to Baker Hughes' latest count. This brings the total number of active rigs in the country to 588, down from 538 a year ago.
In contrast, the Permian Basin saw an increase of two rigs, with 267 now active in the region, up from 255 a year ago. Nationally, 452 rigs are searching for oil, down three from the previous week, while 127 rigs are exploring for natural gas, down one.
The regional benchmark Plains-West Texas Intermediate Posting closed at $83.54 per barrel on Friday, up $4.66 from last week's close. The national benchmark West Texas Intermediate crude ended at $87.06 per barrel, also up $4.66 from the previous week.