The number of drilling rigs operating in U.S. oil fields increased by nine this week as crude prices climbed above $74 a barrel, The Houston Chronicle reports. The rig count rose to 521, nearly double the 261 rigs operating a year ago and the highest since April 2020.
However, the number of operating rigs remains far below the recent peak of nearly 1,100 at the end of 2018, according to oil field services firm Baker Hughes. The rig count is a leading indicator of the nation’s oil and gas production. Read the full story.