US oil-rig count rises for the 22nd straight week

The US oil-rig count rose by six to 747, according to oilfield-services company Baker Hughes.

The oil-rig count has risen for 22 straight weeks, extending a record-long streak of increases, and the count is at its highest since the week of April 10, 2015.

The gas-rig count increased by one to 186, and miscellaneous rigs dropped by one to zero, making the total rig count 933.

Oil prices dropped earlier in the week after the Energy Information Administration announced that US inventories fell less than expected.

Oil was trading slightly higher around 1:00 pm ET Friday, with the West Texas Intermediate, the US benchmark at $US44.71 a barrel, up $US0.47 or 1.06% on the day.

Here’s the chart showing how the rig count has developed over the last several years:

Get the latest Oil WTI price here.

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