Baker Hughes data shows a weekly increase in active oil rigs, signaling higher drilling activity amid rising oil prices.
The number of active oil rigs in the US climbed by 10 to 425 in the latest reporting period, according to industry data. This marks a rebound in drilling activity as higher oil prices incentivize producers to ramp up operations.
The total rig count for oil and gas reached 558, down just 8 from the same period last year. Gas rigs declined by 3 to 125, though they remain 17 above year-ago levels. The miscellaneous rig count held steady at 8.
The increase in oil rigs suggests a potential uptick in domestic production, which could influence crude supply dynamics in the near term.