US oil rigs held at 463 this week while the total rig count fell to 601. Weekly crude output hit another record of 14.013 million bpd, and WTI traded at $89.00 ahead of the data.
The number of active US oil rigs stayed at 463 in the latest Baker Hughes data, published on Friday. The total rig count for oil and gas fell to 601, up 52 from the same time last year.
Oil rigs now sit 46 above their level a year ago. Gas rigs fell by 4, and miscellaneous rigs rose by 1 to 11. Investing.com reported the total marked the first decline in six weeks, with gas rigs at 127, the lowest count since August.
Meanwhile, EIA data showed weekly US crude oil production hit a new record for the third week running. Output reached 14.013 million bpd in the week ending November 6, up from 14.003 million bpd the week before and up 151,000 bpd from a year ago.
The Permian Basin added 2 rigs to 275, while the Eagle Ford stayed at 50. Primary Vision's Frac Spread Count, an estimate of crews completing wells, gained 4 crews to reach 195.
Prices rose ahead of the rig data. Brent was trading at $96.09 per barrel, up 3.59%, on Friday. WTI was trading at $89.00, up 2.85%.
Looking ahead, the US Energy Information Administration projects crude output will rise from a record 13.7 million barrels per day in 2025 to 13.9 million bpd in 2026.
Sources: Oilprice.com, Investing.com
Trading involves risk.
Risk Disclaimer
