U.S. Rig Count Rises to 604 Even as Oil Prices Crash

· Oil & Gas · United States

The total number of active oil and gas drilling rigs in the United States rose slightly this week to 604, up 56 from the same time last year, according to Baker Hughes data published Friday. The number of active oil rigs rose by one to 463 during the latest report. The modest uptick came even as oil prices crashed, a combination that squeezes drillers' economics and tests whether operators will keep adding rigs into a weaker price environment. The rig count is a closely watched leading indicator of future U.S. production, and the year-on-year gain of 56 rigs shows activity remains above last year's level despite the recent price slump.

Why it matters：The rig count is the market's main gauge of future U.S. supply, and activity holding up while prices fall could complicate any rebalancing of the global oil market.

Key points

  • Total rig count rose to 604, up 56 year on year.
  • Oil rigs increased by one to 463.
  • The data was published by Baker Hughes on Friday.

Sources (original reporting)

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