Baker Hughes: Weekly US Oil-Drilling Rig Count Climbs

Baker Hughes on Friday reported that the number of active US rigs drilling for oil was up by seven to 531 this week. That followed a decline of three oil rigs the week before, Baker Hughes data show.

The total active US rig count, which includes those drilling for natural gas, also climbed by seven at 670, according to Baker Hughes.

Oil prices continued to edge higher in Friday dealings, as reports of an attack on a Saudi oil facility fed supply concerns. May West Texas Intermediate crude was up $1.14, or 1%, at $113.48 a barrel on the New York Mercantile Exchange.

Bank of America’s commodities team has forecast 900K bbl/day of lower-48 supply additions on 100 horizontal rig additions throughout 2022; the oil rig count is now up 41 in the first 11 weeks of this year.