Reuters reported that oil prices are edging downward despite OPEC production cuts due to an increase in U.S. drilling.
According to Reuters, the number of U.S. rigs rose by two during the week of December 8 to 751, the highest level since September.
According to the latest Baker Hughes rig count report, as of December 8, 2017, the U.S. rig count of 931 was up two from 929 the previous week and up 307 or 49.2% from 624 on the same day one year ago.
The largest increase was posted by the state of Texas with a current rig count of 459, up 156 or 51.5% from 303 one year ago.
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.