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: