Baker Hughes' Rig Count Keeps Climbing With 3 Added This Week

Crude oil futures eased from 2017 highs on Friday, holding losses after data showed US oil rig count jumped for the 15th week in 16.

At 632, the oil rig count would be double the trough it fell to after the most recent oil crash.

US rigs classified as drilling for oil are up 5 to 602 this week, according to data released by oilfield service company Baker Hughes on Friday. One was listed as miscellaneous.

Texas was the main focus of activity during the week with an increase to 386 from 378 previously and compared with a figure of 231 past year.

Alaska and Louisiana each lost two rigs and North Dakota declined by one.

Oil rigs have increased by 125 since the OPEC agreement was announced on November 30, as USA drillers are continuing to gain as OPEC continues to hold its members largely to specified production caps. It bottomed out in May at 404.

Texas saw three rigs added to the booming Permian Basin, as well as three in the slowly recovering Eagle Ford shale.

US crude futures fell 0.7% to $54.05 per barrel. The Brent crude benchmark was trading down 0.83% at $56.11-more than $.60 above the price point last Friday. Current count in the U.S. is at 754.

  • Zachary Reyes