Oil prices continue to rise

The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 236 rigs active in the region. A year ago, 131 rigs were active in the region.

Nationally, the oil and gas rig count is unchanged from last week at 470 rigs. A year ago, 265 rigs were active. The count shows that 372 rigs sought oil, down one from the previous week, and 98 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 $70.53 per barrel, up $2.41 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $74.05 per barrel, up $2.41 from the previous week.