Basin rig count rises slightly as oil prices increase

The rig count in the Permian Basin was up by one this week, the latest count Friday by Baker Hughes shows, with 487 rigs active in the region. A year ago, 400 rigs were active in the region.
Nationally, the oil and gas rig count is down eight at 1,075 rigs. A year ago, 924 rigs were active. The count shows that 877 rigs sought oil, down eight from the previous week, and 198 explored for natural gas, no change 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 $41.50 per barrel, up $2.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $47.96 per barrel, up $2.63 from the previous week.