US oil rig count flat as Baker Hughes data shows

The number of active US oil rigs held flat in the week ended July 10, Baker Hughes data showed Friday, following three consecutive weekly increases. The count settled at 480 rigs, unchanged from the prior week.

Baker Hughes reported 586 total rotary rigs nationwide, up one from the previous week. The gas-directed rig count rose by one to 102, offsetting a decline in miscellaneous rigs.

The flat reading comes after a run of gains that had pushed the oil rig count 3.4% higher over the prior three weeks combined. Texas added one rig. The Permian Basin count was unchanged at 304 rigs.

Baker Hughes has published the weekly rig count since 1944. The data is a proxy for near-term US drilling activity.

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