The number of oil rigs in the United States rose five on a weekly basis, standing at 505 in the week ending December 1, as shown in the Baker Hughes rig count data released on Friday. Year over year, oil rigs slumped by 122.
The US gas rig count fell by one to 116 during the same week, while it fell by 39 compared to last year. The total number of rigs in the country currently stands at 625, up by three from last week but tumbling by 159 from the previous year.
In Canada, the total rig count stood at 192, down by five from last week and decreasing by three compared to 12 months ago. The number of oil rigs fell by two to 122, and the number of gas rigs decreased by 3 to 70. On an annual level, Canada lost six oil rigs, while the number of gas rigs was up by three.