The number of oil rigs operating in the United States and Canada resumed its upward trajectory this week, with the U.S. count seeing its seventh increase in the past eight weeks, according to data Friday from oilfield services firm Baker Hughes.
The U.S. oil rig count rose by one during the week to 460. The count had fallen by three in the previous week. There are now 40 more rigs operating than there were at this time last year, the Baker Hughes data show. The previous week's decline could have been due, in part, to Hurricane Isaias's impact on drilling operations in the Gulf of Mexico region.
The U.S. gas rig count fell by one to 132, which is 11 more than were operating a year ago, the data show.
The Canadian gas rig count remained unchanged at 65, four more than were operating at this time last year. The oil rig count rose by two to 152, 14 more than were in operation a year ago, according to Baker Hughes.
Rig counts are considered a leading indicator of oilfield activity. The rise in the oil rig counts comes as crude prices have been climbing amid increasing tensions between the United States and Iran.
U.S. crude prices settled above $100/bbl for the first time in more than a month Friday, much higher than the $86/bbl executives point to as the price needed to profitably drill new wells.
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