U.S. Oil Rig Count Rises – Up 125 Since OPEC Deal


The number of active oil and gas rigs in the United States increased again, although modestly, on Friday by 3. Both benchmarks were trading down earlier on Friday despite reports of OPEC/non-OPEC compliance of 86 percent, along with Thursday’s EIA inventory data that showed another week of record-high crude oil inventories of 518.7 million barrels.

The total number of active oil and gas rigs in the United States is now 754, according to oilfield services provider Baker Hughes, which is 252 rigs above the rig count a year ago.

The number of oil rigs increased this week by 5, up from 597 last week to 602 this week. The number of active oil rigs in the United States is now the highest since October 09, 2015.

Oil rigs have increased by 125 since the OPEC agreement was announced on November 30, as US drillers are continuing to gain as OPEC continues to hold its members largely…



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