Baker Hughes reports a weekly increase in total rigs, driven by oil rig gains, while crude prices remain below key moving averages.
The US total rig count climbed by 5 to 758 in the latest week, led by a 10-rig increase in oil rigs to 425. Natural gas rigs fell by 3 to 125, offsetting some of the gain.
Crude oil prices traded near $96.35, unchanged on the day but below the 100- and 200-hour moving averages at $100.74. The market remains bearish as prices hold below these key levels, far from the $60 range seen before late February.
The data reflects a modest rebound in drilling activity, though energy markets show limited reaction to the rig count changes so far.