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US Oil Rig Count Rises by Four, Marking Ninth Straight Weekly Gain

· 02/05/2021 10:52

03:41 PM EST, 02/05/2021 (MT Newswires) -- Oil rigs operating in the US rose this week, according to data compiled by energy-services firm Baker Hughes (BKR).

The count rose by four to 299 in the week through Friday, Baker Hughes said. A year ago, the US had 676 rigs in operation.

West Texas Intermediate jumped 1.3% to $56.98 a barrel while international benchmark Brent crude rose 1.1% to $59.46 a barrel.

The number of oil and gas rigs in the US rose by eight from the week before to 392. Gas was rose by four to 92 while the number of miscellaneous rigs remained at one, the Houston-based company's data showed. In the same period of 2019, there were 111 gas rigs in operation and 790 in total.

Across North America, oil and gas equipment rose by five to 563, down from 1,047 at the same point last year. In Canada, the count was up by three to 171, compared with 257 operating during the same period last year. Canada's oil rig count fell by three to 95 while gas was unchanged at 76.

Among US states, top producer Texas's count rose by seven rigs while Ohio added two. New Mexico fell by one.