US Oil and Gas Rig Count Falls to 598 as Oil Rigs Edge Higher

The total count of active US oil and gas drilling rigs fell by one to 598 for the week, marking the first weekly decline in six weeks. According to Baker Hughes, active oil rigs inched up by one to 456, reaching their highest count since May 2025, while natural gas rigs dropped by two to 133. Despite the dip, the total rig count remains 49 rigs above year-ago levels. Crude prices weakened amid Europe's emergency stockpile release announcements, with WTI dropping 2.55% to $90.50 per barrel and Brent falling 1.14% to $101.10.