Oil-rig count resumes its climb with one rig added

The US oil-rig count climbed by one to 407 this week, according to the oil-field-services giant Baker Hughes.

The bigger increase was in the gas-rig count, which rose by seven to 88. That took the combined tally, which also includes two miscellaneous rigs, up by eight to 497.

Last week, the oil-rig tally did not increase for the first time in nine weeks. The rebound in the count that preceded that flattening came as crude oil approached $50 a barrel and some producers became more confident in the industry’s outlook.

The total rig count last week was 489, as gas rigs fell by two to 81.

West Texas Intermediate crude oil is headed for its worst week since March, even amid a 3% rebound on Friday. Futures tanked on Wednesday after the Energy Information Administration reported a greater-than-expected build in US inventories last week, bringing concerns about the market’s oversupply back to the forefront.

WTI futures traded up 2.6% to $44.30 a barrel after the rig-count release.

Here’s the most recent chart of the oil-rig count:

Oil rig count sept 2

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