The Baker Hughes rig count posted another week of growth.
US rigs were up 11 from last week to 508, with oil rigs up seven to 414, gas rigs up four to 92, and miscellaneous rigs unchanged at two.
However, year-on-year the US rig count is down 340 rigs from last year’s 848, with oil rigs down 238, gas rigs down 104, and miscellaneous rigs up two.
The US offshore rig count is 18, up eight rigs from last week, and down 13 rigs year-on-year.
Canada’s rig count continued to fall to 134 – three down from last week and 51 down from last year.
Oil fell after US producers ramped up drilling. Read more here.