Basin rig count down three as oil prices drop

The rig count in the Permian Basin was down by three this week, the latest count Friday by Baker Hughes shows, with 451 rigs active in the region. A year ago, 478 rigs were active in the region.
Nationally, the oil and gas rig count is down four from last week at 983 rigs. A year ago, 1059 rigs were active. The count shows that 797 rigs sought oil, down five from the previous week, and 186 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 May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $55.00 per barrel, down $4.25 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $58.63 per barrel, down $4.13 from the previous week.