Oil rig count rises for the first time in 3 months

The US oil rig count rose for the first time in 3 months this week as the combined tally of oil and gas rigs plunged to another record low.

Data from driller Baker Hughes showed Friday that the oil-rig count rose by one to 387 this week

The combined count meanwhile fell to 476, as 5 gas rigs went offline. It first hit the lowest level dating back to at least 1949 last week.

West Texas Intermediate crude was trading above $40 per barrel on Friday ahead of the data release. It crossed the mark Thursday for the first time since December, amid news of a possible meeting of oil producers next month to pare output.

Here’s the latest oil rig chart:

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