US oil rig count rises for the 23rd straight week

The US oil-rig count rose by 11 to 758, according to oilfield-services company Baker Hughes.

The oil-rig count has risen for 23 straight weeks, extending a record-long streak of increases.

The gas-rig count fell by three to 183, and miscellaneous rigs remained at zero, making the total rig count 941.

Oil was trading slightly higher around 1:00 pm ET Friday, with West Texas Intermediate, the US benchmark, at $US42.98 a barrel, up $US0.20 or 0.47% on the day.

Here’s the chart showing how the rig count has developed over the last several years:

Get the latest Oil WTI price here.

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