U.S. Oil Drilling Inches Up as Prices Fall

· Oil & Gas · United States

The total U.S. active rig count fell to 598 this week, though it remains up 49 from a year ago, according to Baker Hughes data. The oil rig count rose by 1 to 456 even as prices declined.

Why it matters：Rig counts are a key indicator of future U.S. oil supply; the slight increase amid falling prices suggests producers are maintaining activity, which could weigh on prices further.

Key points

  • Total active rig count fell to 598, down from the prior week.
  • The count is up 49 compared to the same time last year.
  • Oil rigs increased by 1 to 456.

Sources (original reporting)

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