US Rig Count Drops, Despite Rising Oil Prices

The total number of active drilling rigs for oil and gas in the United States fell this week, with the total rig count dropping by 6 to 613. This is a significant decrease from the 755 rigs operating this time last year. The number of oil rigs declined by 5 this week, while the number of gas rigs fell by 1. Despite the drop in rig count, U.S. crude oil production remained unchanged for the seventh consecutive week. However, oil prices were trading up on Friday, with both benchmarks gaining around $0.50 per barrel.

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