Active drilling rigs in the US fell to 588, marking a decline as crude oil rigs dropped by three to 452.
The US oil and gas rig count declined by five to 588 in the latest weekly survey, reflecting a slowdown in drilling activity. Crude oil rigs specifically fell by three to 452, continuing a downward trend observed in recent weeks.
The drop follows a period of fluctuating rig counts, with prior surveys showing modest gains or stability. The decline may signal reduced exploration and production activity amid shifting energy market dynamics.
Markets are monitoring the data for potential impacts on oil supply and pricing, though immediate reactions remain muted.