Home / Business and Economy / Rig Count Rises Despite Falling Oil Prices
Rig Count Rises Despite Falling Oil Prices
1 Aug
Summary
- Permian Basin added two active rigs this week, reaching 260.
- National oil rig count increased by one to 588 active rigs.
- Oil prices declined, with WTI crude closing at $84.67 per barrel.
In the past week, the Permian Basin's active rig count rose by two, bringing the total to 260. This increase mirrors a national trend, with the U.S. oil and gas rig count growing by one to 588 active rigs.
Specifically, 451 rigs are currently searching for oil, an increase of one from the previous week. The count for natural gas exploration remains unchanged at 127 rigs.
This activity occurred as oil prices saw a decline. The regional benchmark Plains-West Texas Intermediate Posting closed at $81.15 per barrel, down $4.64. The national benchmark West Texas Intermediate crude also fell, ending the week at $84.67 per barrel, also down $4.64.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
