U.S. oil driller Baker Hughes reported that the number of active oil rigs rose for a fifth week in a row, rising by 6 to 597 for the week ending February 17. The current total is the most number of rigs online since the week of October 9, 2015, when the count was 605.
The number of gas-only rigs rose 4 to 153. This brings the total number of active oil and gas rigs to 751, an increase of 10. The total count is now higher by 237 from a year-earlier, while the oil-only is in positive territory over the same time period by 197 rigs.
Last week the oil-rig count rose by 8 to 591, while the total rig count increased by 12 to 741.
Crude oil showed little reaction to the data. WTI oil is trading lower for the session, falling by $0.30, or 10.56%, to $53.13. For the week oil is off small from last week’s closing price of $53.83 per barrel. The trading range in crude oil is on the decline in the absence of any major catalyst to move the commodity.