After snapping an 11-week streak of gains, the active U.S. oil rig count showed a major rebound last week as it resumed its climb with its biggest one-week increase in nearly four years.
Friday's U.S. oil rig count put out by oilfield service company Baker Hughes showed a figure of 551, up 29 from the week before. It was the biggest one-week increase since April 2013. It followed a decrease of seven oil rigs the week before.
The current oil rig count is 41 higher than a year earlier and up 74.4 percent since bottoming out at 316 in May 2016.
The U.S. active gas rig count also rose by six to 142, marking its 11th-straight week of gains. That count is 15 ahead of the same point a year ago. Miscellaneous rigs were unchanged at one.
The combined U.S. rig count of 694 is up 57 from a year earlier and up 71.8 percent since bottoming out at 404 in May 2016.
Texas was responsible for nearly half the total rig gain, adding 17 last week. Oklahoma aded seven, North Dakota added three, Ohio added two, while New Mexico, Pennsylvania, Utah and West Virginia each added one.
Canada added 27 combined rigs last week, with 23 oil and five gas while losing one labeled miscellaneous. Its combined count of 342 was 92 ahead of last year, with its 170 oil rigs up by 59 and its 159 gas rigs up by 33.
Friday's total North American combined rig count of 1,036 as 149 ahead of last year.
Oil Price Update
Oil prices held steady last week, with U.S. Brent crude oil opening at $55.64 on Jan. 16 and closing Friday at $55.59. Oil was at $54.72 as of 8:30 a.m. CT Monday morning.
Oil has closed at between $52.50 and $56.50 since Dec. 1, showing signs of steadiness over the last seven weeks.