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US Adds Two Oil Rigs This Week

US Adds Two Oil Rigs This Week

2018/12/03 09:47
Despite crude oil prices falling below $50 this week, the US oil rig count increased.

The U.S. added two oil rigs this week, bringing the total number to 887, according to weekly data compiled by Baker Hughes, a GE Company.

This week’s count makes three out of four for oil rig increases. Last week, the U.S. lost three oil rigs.

Despite oil dropping to lows not seen in more than a year this week, this marks the fifth consecutive month for rig count increases.

The nation’s gas rig count, however, declined by five this week bringing the total to 189, after holding steady last week.

The Permian, which accounts for more than half of the U.S. oil rigs, remained flat this week with 493 rigs.

The Marcellus lost two rigs this week while the Eagle Ford added one rig.

This week’s total rig count for the U.S. sits at 1,076 – up from 929 one year ago. At 887, the nation’s oil rig count has increased from 749 one year ago.