- Matt Mills McKnight/Reuters
The US oil rig count rose by 4 to 432 this week, according to oilfield-services giant Baker Hughes.
The gas rig count rose by 11 to 105.
The total count came up to 539.
Last week, the US oil rig count rose by three to 428, while the gas rig count fell by two to 94.
Notably, oil prices have ticked up slightly over the last couple of weeks to around $50 a barrel.
WTI crude oil is down by 0.7% at $50.10 a barrel, while Brent crude oil is down by 0.7% at $51.70 a barrel as of 12:57 p.m. ET.
There’s usually a lag between when oil prices rise and when drillers bring rigs back online. The rig count has not dropped for 16 straight weeks, likely reflecting producers’ growing confidence as oil prices stopped tumbling.
Here’s this week’s chart:
- Elena Holodny/Business Insider