The price of WTI crude oil was down 2.5 percent to $58.46 per barrel on Friday after Baker Hughes A GE Co
BHGE released its weekly U.S. rotary drill rig numbers. Overall Rig counts have been slowly creeping higher for nearly three years now as the oil market recovers from a 2014 price collapse.
The overall rig count is down to 1,016 active rigs, including 824 rigs primarily drilling for crude oil.
Texas dipped by four and is home to 497 active rigs as its total tally fell below 500. But Texas still accounts for nearly half of the nation’s total.
The total number of active oil and gas drilling rigs fell by 10 rigs according to the report, with the number of active oil rigs falling by 9 to reach 824 and the number of gas rigs falling by 1 to 192.