Reported about 19 hours ago
Baker Hughes reports that U.S. energy firms added oil and gas rigs for the first time in 12 weeks, with a net increase of seven rigs to a total of 544 as of July 18. While this marks the largest weekly gain since December, the overall rig count remains down 42 rigs, or 7%, compared to last year. Oil rigs fell to their lowest level since September 2021, while gas rigs saw the largest weekly increase since July 2023. Despite anticipated declines in crude prices, projections indicate a rise in crude and gas output in 2025.
Source: YAHOO