U.S. rig count rises in latest Baker Hughes report

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The number of oil and gas drilling rigs in the U.S. rose by 2 to 548, up for the third time in four weeks but down 37 rigs - or 6.3% - from last year at this time, Baker Hughes said Friday in its latest weekly report [https://rigcount.bakerhughes.com/rig-count-overview].

Drilling rigs targeting crude oil in the U.S. were unchanged from the previous week at 414, while gas rigs gained 3 to 128, the highest since August 2023, and 6 rigs were classified as miscellaneous, in the week ending November 7.

Rigs targeting oil in the Permian Basin remained unchanged from a week ago at 250, the Eagle Ford lost 1 at 29, and the Williston Basin stayed flat at 30.

The rig count in Texas fell by 1 to 234, the lowest since September 2021, while the count in Louisiana added 2 to 43, the highest since September 2024.

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