U.S. Oil Rig Count Falls by 3 to 459

Dow Jones01:39

1339 ET - The number of rigs drilling for oil in the U.S. fell by three this week to 459, a first decline in seven weeks, and was up 41 from a year ago, oil services company Baker Hughes reports. Rigs drilling for natural gas edged up by one to 133, or 12 more than at this time last year. U.S. producers have been drilling more this year with the Middle East conflict pushing up oil prices. In its 3Q energy survey, the Kansas City Fed said firms reported they needed an average oil price of $64 a barrel for drilling to be profitable, and $85 a barrel "for a substantial increase in drilling to occur." For natural gas, $3.59 per million British thermal units were necessary for profitable drilling and $4.70/mmBtu for a substantial increase.

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