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U.S. Oil Rigs Reach New High as Drillers Chase Price Surge

  • Rig count climbed by 10 this week to 869: Baker Hughes data
  • Permian had highest gains, with Eagle Ford, Williston stable
An oil drilling rig stands on the Bakken formation in Watford City, North Dakota.
Photographer: Matthew Staver/Bloomberg
Updated on

U.S. oil producers expanded drilling to a new level for the year, as higher crude prices enticed the industry to pour more money into the Permian shale basin.

Working oil rigs rose by 10 this week to 869, their biggest increase since late May, according to data released Friday from oilfield service provider Baker Hughes. The Permian in West Texas and New Mexico continued to lead the U.S. drilling revival, adding six rigs.