US Oil Rig Count Rises Again

In a recent update from Baker Hughes, the United States has seen an increase in oil drilling activity. The weekly rig count, which tracks the number of active oil rigs across the country, reported a rise of seven rigs, bringing the total to 479 for the week ending January 31.

This uptick marks a notable change in the landscape of US oil production, especially when considering the annual decrease of 20 rigs. The data suggests a potential shift in the market dynamics, possibly indicating a response to global oil demand fluctuations or changes in oil prices.