US rig count increases by 8 this week to 958

Markets Associated Press

The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 958.

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A year ago, just 463 rigs were active.

Houston oilfield services company Baker Hughes said Friday that 766 rigs sought oil and 192 explored for natural gas this week.

Among major oil- and gas-producing states, New Mexico gained four rigs, Oklahoma increased by three and Louisiana, Ohio, West Virginia and Wyoming each gained one.

Texas declined by one rig.

Alaska, Arkansas, California, Colorado, North Dakota, Pennsylvania and Utah were all unchanged.

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The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.