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U.S. oil rig count rises for first week since March

Christian Fernsby ▼ | July 24, 2020
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although they added one oil rig in the first weekly increase since March as a recovery in crude prices tempt some producers back to the well pad.
Oil field
Increase   Oil field
The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all time low of 251 in the week, according to Baker Hughes.

Topics: U.S.

That was 695 rigs, or 73%, below this time last year.

U.S. oil rigs rose to 181, while gas rigs fell three to 68, their lowest on record according to Baker Hughes data going back to 1987.


 

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