Last week, the US oil and gas rig count went up for the third consecutive week, the first time since October 2018 on the back of the recent price increases.
According to energy services company Baker Hughes, on the week ended October 2, the US oil and gas rig count jumped by 5 to 266. Oil rigs climbed by 6 to 189 while gas rigs slipped by 1 to 74.
Oil rigs in the Permian Basin rose by 4 to 129 in the period, the most since late June.
Analysts commented that the increase was due to the most recent increases in oil price, which had fully recovered over the past six months but still slumped by 39% since early this year. They also saw increasing optimism that prices had bottomed out, with more momentum to occur until the end of this year.
