US Oil-Rig Count Rises

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The number of oil rigs operating in the US this week rose for the first time in seven weeks.

Data from Houston-based Baker Hughes (BHGE), an oil-field services company, showed the US oil rig tally rose six this week to 770. A year ago, the count was 869.

The gas sector lost four rigs this week to 165 while miscellaneous rigs fell by one to zero, bringing the US total to 935 for all types. In the same period of 2018, there were 1,057 total rigs working in the US, including 186 for gas and two miscellaneous rigs.

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On Friday, West Texas Intermediate crude-oil futures were up about 0.5% to $54.73 while Brent was up more than 0.6% to $58.59 a barrel. WTI was poised for a five-day slide of almost 0.9%, while Brent was set to fall nearly 0.3%.

The North American total rig count rose by three this week to 1,077, down by 192 from the same period of 2018. In Canada, the oil-rig count rose by seven to 101 but is down 40 on an annual basis. The country’s gas-equipment tally was down five rigs this week at 41, compared with 71 rigs a year ago.

Among the states, Pennsylvania added four rigs while Louisiana added three and Alaska was up by two. Top producer Texas lost four, as did West Virginia, and Ohio fell three.

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