US Oil Rig Count Sees Weekly Increase

The United States witnessed a slight uptick in its oil rig count, reaching 489 by the week ending April 4. This marks an increase of five rigs from the previous week, as reported by Baker Hughes. However, the annual comparison shows a decrease of 19 oil rigs, highlighting a fluctuating trend in the oil sector.

Gas Rig Count and Total Rigs Experience Decline

In contrast, the gas rig count in the US dropped by 7 to 96 during the same period, with a significant annual decline of 14 rigs. The total number of operational rigs across the country now stands at 590, showing a decrease of two from last week and a substantial drop of 30 compared to the previous year.

Canadian Rig Count: A Mixed Bag

Canada's rig count presented a mixed scenario, with a weekly decrease of 10 rigs, bringing the total to 153. Despite this, there was an annual increase of 17 rigs. The oil rig count in Canada fell by 9 to 99, while the gas rig count remained steady at 54, unchanged from the week before.