The number of oil rigs in the United States stood at 501 in the week ending January 5, increasing by one compared to the previous week, according to the Baker Hughes weekly rig count data released on Friday. On an annual basis, the number of oil rigs dropped by 117.
The US gas rig count decreased by two and stood at 118 during the same week, while it fell by 33 compared to last year. The total number of rigs in the country currently stands at 619, down by two from last week and plunging by 156 from the previous year.
More to come...