US oil rig count breaks loss streak

The number of rigs drilling for crude oil and natural gas in the US rose by two to 619 units last week, after falling for four straight weeks, according to Baker Hughes.

PHOTO: An Oilfield worker welds an end cap to a pipe as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images

The number of oil rigs rose by five to 511, reaching their peak since September, although still 80 rigs fewer compared to the same period last year.

The US natural gas rig count dropped by three units to 106, the lowest since December 2021. There were also two miscellaneous rigs in operation, the same as the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by two units to 318.

The total US oil and gas rig count was down by 134, or 18% from a year earlier.

By Debarati Bhattacharjee

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