US Oil Rig Count Hits Highest Level Since April 2020

U.S. oil rigs rose seven to 461 this week, while gas rigs were steady at 102, according to Baker Hughes data.

Scott DiSavino, Reuters

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as crude prices rose to a seven-year high last week, prompting some drillers to return to the wellpad.

The oil and gas rig count, an early indicator of future output, rose seven to 563 in the week to Nov. 19, its highest since April 2020, Baker Hughes Co. said in its weekly report.

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