Number Of Active Oil Rigs Falls By 12

HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the United States fell by 12 this week to 887, down roughly 1,000 from a year ago.

Of the rigs running nationwide, 700 were exploring for natural gas and 179 for oil, Houston-based Baker Hughes Inc. reported Friday. Eight were listed as miscellaneous.

A year ago, the rig count stood at 1,886. The U.S. count is down 56 percent since the end of August as weak energy demand has hampered oilfield activity.

Oil prices peaked at almost $150 a barrel in July before plunging. They've been on the rise of late. Benchmark crude for July delivery rose 2 cents to $68.83 in trading Friday on the New York Mercantile Exchange after climbing above $70 a barrel earlier, the highest price since October.

Of the major oil- and gas-producing states, Louisiana lost 11 rigs, Texas lost three, North Dakota lost two and New Mexico and Wyoming each lost one. Arkansas added two, California and Colorado each added one and Alaska and Oklahoma were unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.