US Drilling Rig Count Rises 5 weeks In A Row

Baker Hughes on Friday reported that the number of active US rigs drilling for oil was up by two to 522 this week.

That followed a climb of 4 oil rigs the week before, Baker Hughes data show. The total active US rig count, which includes those drilling for natural gas, climbed by five to 650, according to Baker Hughes.

Oil prices continued to trade lower in Friday dealings, giving back some of the gains seen in the wake of the Russian invasion of Ukraine. April West Texas Intermediate crude CLJ22, -1.90% was down $2.14, or 2.3%, at $90.67 a barrel on the New York Mercantile Exchange.

The Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons. This particular case represents the number of rigs drilling exclusively for oil.