U.S. Rig Count Ticks Higher As Oil Prices Head For Another Weekly Gain

The number of total active drilling rigs in the United States rose by 7 this week, after an increase of 3 rigs in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 705 this week—257 rigs higher than the rig count this time in 2021. Drilling has picked up substantially since the Russia invasion, adding 55 rigs over the last ten weeks. Oil rigs in the United States rose this week by 5 rigs to 557, while gas rigs rose by 2 to 146. Miscellaneous rigs stayed the same, at 2. The rig count…