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U.S. Rigs Increase for Third Straight Week

M. Ali 16 July, 2021 10:42 pm Commodities, Market Update

The number of active oil and natural gas rigs in the United States increased for the third consecutive week, for the first time since May, despite the recent drop in crude prices, data by Baker Hughes showed on Friday.

The total rig count rose by five to 484 in the week ended July 16, its highest level since April of 2020, leveling up by 231 rigs, or 91%, on an annual level.

Oil rigs added two to reach 380 this week, while gas rigs increased by three to a total of 104.

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