The number of rigs remains down 289 from a year ago.
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The number of rigs exploring for oil and natural gas in the USA increased by one this week to 464.
Oil futures ended slightly lower Friday, paring losses but remaining in negative territory after data showed the number of US oil rigs rose for a sixth straight week. The overall rig count only grew by one, because the amount of rigs drilling for natural gas fell. Drilling in the Permian basin increased by 5 to 177 from 254 past year while the Eagle-Ford count increased by 4 in the latest survey, although still showing an annual decline of over 60%.
The oil rig-count data will continued to be monitored very closely, especially with WTI prices recently sliding to test three-month lows just below $40.0 before a tentative recovery.
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Oil prices started their precipitous decline in the second week of July, and the drop has caused a number of industry followers to consider the possibility of another extended stay in bear-market territory. The price of USA oil hit a low $26.21 on February 11.
