November 2, 2020
The Baker Hughes U.S. oil rig count rose by 10 to 221 for the week ended Oct. 30, marking the sixth consecutive week of increases. The total active U.S. rig count was up nine to 296, according to Houston-based Baker Hughes, with the increase in active oil rigs offsetting a one-rig decline in the count of active natural gas rigs.
Texas gained 20 rigs during the course of October, with the state ending the month at 133 oil and gas rigs. That includes 81 in the Permian Basin.
Further, U.S. oil production increased to 11.1 million barrels per day from 9.9 million barrels the week prior, Oilprice.com reported.
Conversely, both West Texas Intermediate and Brent crude saw declines in per-barrel pricing over the past week. And the total count for active oil and gas rigs is down by 526 from a year ago.
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