Oil Prices Climb As U.S. Rig Count Sees Another Double-Digit Decline

The total number of total active drilling rigs in the United States fell by 15 this week, according to new data from Baker Hughes published Friday, falling by 52 over the last four weeks—the largest 4-week dropoff in activity since June 2020. The total rig count fell to 696 this week—31 rigs below this time last year.

The current count is 379 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs fell by 15 this week to 555. Gas rigs stayed the same at 137. Miscellaneous rigs stayed the…