The oil rig count just had its biggest rise of the year

The US oil rig count increased by the most since last December this week, climbing nine to 325, according to driller Baker Hughes.

The gas rig count fell five to 82, and the total was up four to 408.

Last week, the decline in oil rigs continued after pausing in the prior period. And so, this was the second time in three weeks that the oil rig count increased.

The oil rig tally fell by 2, while the gas rig count rose by 2. The total rig count was 404.

The data could provide clues about whether some producers got back in the game as crude oil prices approached $50 per barrel, said Accendo Markets’ Mike van Dulken in a note ahead of the report.

Crude oil prices declined further after the release. West Texas Intermediate crude futures in New York were down 1.4% to $48.35 per barrel.

Here’s the most recent chart of oil rigs:

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