The number of US oil rigs in use rose by 5 this week to 664.
This marks the second straight week of an uptick in the rig count, and the 4th time in 5 weeks the number of rigs in use has risen. Last week, the number of oil rigs in use rose by 21 to 659.
The number of natural gas rigs in use fell by 7 this week, bringing the total US rig count — which combined oil and gas rigs — to 874, down 2 from last week.
On Friday, the price of West Texas Intermediate crude oil was down more than 2% at around $US47.50 a barrel. Last week, WTI fell into a bear market after stabilizing through late spring.
Here’s the updated chart of the rig count.