Oil and natural gas rigs operating in the U.S. rose to the highest level since November 2008 as oil drilling increased amid prices near $100 a barrel, according to data published by Baker Hughes Inc. (BHI)
The combined oil and gas rig count rose by five to 1,860, Baker Hughes said today on its website, below a 22-year high of 2,031 reached earlier in 2008. The increase came from Texas, North Dakota, West Virginia, Louisiana and Wyoming.
Oil rigs jumped by 15 to 984, the ninth consecutive time the count has reached the highest level since at least 1987.
Oil for July delivery fell $2.77, or 2.9 percent, to $92.18 a barrel at 1:23 p.m. on the New York Mercantile Exchange. Futures are up 20 percent in the past year and touched a two- year high of $114.83 a barrel on May 2.
Natural gas rigs dropped by nine to 870, the lowest level since May 20. Gas for July delivery fell 6.1 cents, or 1.4 percent, to $4.351 per million British thermal units on the Nymex.
Baker Hughes also reported that miscellaneous rigs, which primarily drill for geothermal energy, slipped by one to six.
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