Baker Hughes Rig Count Rises by Two - TheStreet

Oil prices were rising on Friday as Baker Hughes (BHGE) - Get Report reported a small increase in the count of active drilling rigs.

The General Electric-owned oilfield services company reported on Friday, Dec. 8, that the count of active drilling rigs increased by two from last week to 931. Two oil rigs were brought online for a total of 751. Gas rigs, meanwhile, remained unchanged at 180.

Image placeholder title

The U.S. Rig Count is up by 307 rigs year-over-year from 624, with oil rigs up by 253, gas rigs higher by 55, and miscellaneous rigs down one to zero. The U.S. Offshore rig count remained at 20, which is down two rigs year-over-year. 

West Texas Intermediate contracts for January delivery were up by about 1% to $57.28 a barrel at 1 p.m. EST during the trading session on Friday.

More of What's Trending on TheStreet: