In Brief : Working Oil Rigs Increase in Texas
The number of working oil and gas rigs rose this week by eight to 797 after four straight weeks of declines, industry watcher Baker Hughes Inc. reported.
Last week the count dropped by 51 and the previous three weeks the count declined twice by 32 and once by 36, all after a two-week increase of 25 rigs. Last week the rig count totaled 789. A year ago, the number of rigs totaled 964, Baker Hughes said today.
The decline follows normal seasonal patterns, according to Baker Hughes economist Ike Kerridge. The count usually drops off during late December through late March or early April, he said.
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