In the wake of OPEC's deal last week to reduce oil procution by 1.2 million barrels per day, the price of Brent crude oil climbed above $55 Monday morning for the first time in 16 months. Oil was as high as $55.33 Monday morning, and was $55.04 as of 10:20 a.m., its best mark since July 2015.
It's nearly a $10 gain in just three weeks. Crude closed at $45.48 on Nov. 14.
Likewise, the U.S. oil rig count continued its climb last week, gaining three rigs to a 10-month high. The U.S. registered 477 active oil rigs this past Friday, still down 68 from a year earlier. The gas rig count also gained one to 119, down 73 from a year ago. Along with one miscellaneous rig, the combined rig count of 597 is down 140 year-over-year, but up 47.8 percent since bottoming out at 404 this past May.
Among top oil-and-gas producing states, Texas gained seven rigs, Wyoming gained four and Oklahoma gained two. Louisiana lost four, Colorado and North Dakota each lost two and Utah lost one.
Canada gained six oil rigs and 20 gas rigs last week, with those counts rising to 100 and 98, respectively. A year earlier, those counts were 77 and 100.