Markets

US Oil Rig Count Rises by Five; Crude Futures Pop as OPEC, Allies Curb Output Cuts

2:12PM ET 12/04/2020 MT Newswires
Oil rigs operating in the US rose this week, according to data compiled by energy-services firm Baker Hughes (BKR).

The count rose by five to 246 in the week through Friday, Baker Hughes said. A year ago, the US had 663 rigs in operation.

West Texas Intermediate rose 1.4% to $46.28 a barrel on Friday while international benchmark Brent gained almost 1.2% to $49.28. The Organization of the Petroleum Exporting Countries and its allies agreed the day before to ease production cuts that were to begin next month.

The number of oil and gas rigs in the US rose by three from the week before to 323. Gas was down by two at 75, the Houston-based company's data showed. The number of miscellaneous rigs remained at two. In the same period of 2019, there were 133 gas rigs in operation and 799 in total.

Across North America, oil and gas equipment was up by three to 425 and were down by 522 year-on-year. In Canada, the count was unchanged at 102, compared with 138 operating during the same period last year. Canada's oil-rig count rose by two to 40 while gas slid by two to 62.

Among US states, top producer Texas rose by two, as did Colorado and West Virginia. Pennsylvania lost three rigs.