Drilling activity posted a third consecutive weekly increase, the first such trend since December 2023.
Oilfield services firm Baker Hughes said Friday its weekly U.S. rig count was up two rigs to 588 for the week. That’s still down 33 rigs or 5% from 621 a year earlier.
The number of rigs seeking crude oil was up one rig to 481, down 16 rigs or 3% from 497 last year. The number of rigs drilling for natural gas was likewise up one rig to 101 rigs, down 20 rigs or 17% from 121 last February…