The active number of drilling rigs continues to grow thanks to increasing activity in Texas and the Gulf of Mexico.
The overall rig count grew by five – up to 1,008 – courtesy of four rigs added to the Gulf and three in Texas. The loss of two rigs drilling for natural gas kept the rig count from growing higher.
As oil prices have risen for much of the last year or so, the rig count has steadily climbed, finally rising above 1,000 rigs a week ago for first time since April 2015.
Oil drilling currently accounts for 815 rigs of the total.
U.S. oil was selling above $67 a barrel in early afternoon trading in New York.