U.S. Oil Rigs Decline for First Time Since March

The number of active rigs drilling for crude oil in the United States declined this week, for the first time since March, despite rising oil prices encouraging a rise in production.

Oil rigs decreased by a single rig to reach 343, while natural gas rigs maintained their level of last week at 94, according to data by Baker Hughes, released in their weekly report on Friday.

Accordingly, the total rig count reached 438 for the week ended 23 April.