Oil prices climb

The rig count in the Permian Basin was up three this week, the latest count Friday by Baker Hughes shows, with 227 rigs active in the region. A year ago, 283 rigs were active in the region.

Nationally, the oil and gas rig count is up seven from last week at 439 rigs. A year ago, 529 rigs were active. The count shows that 344 rigs sought oil, up seven from the previous week, and 94 explored for natural gas, up one from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $59.61 per barrel, up $3.81 from last Thursday’s close. National benchmark West Texas Intermediate crude ended at $63.13 per barrel, up $3.81 from the previous week.