U.S. Rig Count Adds Five This Past Week; Oil At $45

While the year-over-year total rig count is down by 39 percent, the count has climbed by 26.5 percent since bottoming out at 404 in May 2016.

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The U.S. gained two active rigs exploring for oil and natural gas this past week, with the count climbing to 511 through Friday. Last week the count dipped by two. Last week the U.S. gained two oil rigs and two gas rigs.

One year ago, 838 total U.S. rigs were active. The latest weekly report from oilfield services company Baker Hughes said that 418 rigs were actively searching for oil, 92 sought natural gas and one was listed as miscellaneous.

While the year-over-year total rig count is down by 39 percent, the count has climbed by 26.5 percent since bottoming out at 404 in May 2016.

Among top oil-and-gas producing states, Oklahoma and Texas each gained two rigs. Alaska, California, North Dakota and Pennslyvania each gained one, while Louisiana, New Mexico and West Virgina each lost one.

Oil Price Update

The price of WTI Crude Oil ended Friday at $44.61 per barrel, up $3 from a week earlier but down $3.65 since Sept. 8. Oil fell to $40.30 on Aug. 2 and rallied to $49.73 by Aug. 19 before starting another slump.

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