Number Of Active Oil Rigs Rises By 23

HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the United States rose by 23 this week to 899, the second time this year the weekly count has increased.

Of the rigs running nationwide, 692 were exploring for natural gas and 196 for oil, Houston-based Baker Hughes Inc. reported Friday. Eleven were listed as miscellaneous.

The only other time this year the count increased was the first week of April. A year ago, the rig count stood at 1,906. 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. Benchmark crude for July delivery dropped $1.09 to $70.28 a barrel in trading Friday on the New York Mercantile Exchange.

Of the major oil- and gas-producing states, Texas added 10 rigs, Louisiana gained four, Colorado and California each gained three, and New Mexico and Oklahoma each added one. Alaska, Arkansas, North Dakota and Wyoming 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.