The Enverus tally of rigs operating in the U.S. had the count increase by three in the past week. Meanwhile, Baker Hughes data indicated that the rig count last week dropped by one.

Nevertheless, this is the first week in 2021, according to Enverus, to show an increase on a year-over-year basis. The current rig count is up 7% in the last month and up 11% year-over-year.

WTI crude futures in the U.S. were trading around $62/bbl on April 23, putting the contract on track to rise in April for a fifth straight month. At this point in 2020, crude spot prices went from averaging a closing price of $50.54/bbl in February to an average of $16.55/bbl in April, according to the EIA.

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