US Oil Drilling Rig Count Down For First Time In 6 Weeks

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was down by three to 519 this week. That followed increases in each of the last five weeks, Baker Hughes data show.

The total active U.S. rig count, which includes those drilling for natural gas, was unchanged at 650, according to Baker Hughes. Oil prices continued to rally in Friday dealings, finding continued support from Russia invasion of Ukraine.

April West Texas Intermediate crude was up $4.83, or 4.5%, at $112.50 a barrel on the New York Mercantile Exchange. The number of drilling rigs operating nationally stayed at 650 this week, according to oilfield services company firm Baker Hughes.

The number of operating rigs had been rising in recent weeks, coinciding with soaring oil prices pushed higher by the conflict in Eastern Europe. The U.S. benchmark WTI surpassed $110 in midday trading.