Weekly oil rig activity increases slightly, pushing total rig count to its highest level in over a year.
The U.S. active rig count climbed by one to 588 this week, marking a modest gain in drilling activity. Oil rigs led the increase, rising by one to 451, while natural gas and miscellaneous rigs held steady at 127 and 10, respectively.
Year-over-year, the total rig count is up by 48, driven primarily by a 41-rig surge in oil drilling. Gas rigs added three over the same period, and miscellaneous rigs rose by four. The data reflects a gradual recovery in energy sector activity.
The slight uptick follows a period of stabilization, with rig counts remaining near multi-month highs amid steady demand for fossil fuels.