WTI price rises to $110 The number of rigs in the United States continues to increase

According to the oil price network reported on May 13, the latest data released by Baker Hughes on Friday showed that the number of active drilling rigs in the United States increased by 9 this week, compared with 7 in the previous week
.

The total rig count increased to 714 this week, up 261 from the same period in 2021 and the highest since
April 2020.
The number of rigs has increased significantly since the beginning of the geopolitical conflict, with 64 rigs
added during this period.

This week, oil rigs in the U.
S.
increased by six to 563, while natural gas rigs increased by three to 149.

The other rigs remained unchanged at 2.

This week, the number of rigs in the Permian Basin remained unchanged at 335, while the number of rigs in Eagle Ford increased by one
.
Despite this week's stagnation, the number of rigs in the Permian Basin has increased significantly since 2020, after the pandemic-induced lockdown and subsequent sharp decline in demand, recovering from a low of 117 units in August 2020 to 335 units now, an increase of 186%.

U.
S.
crude oil production fell for the first time in 13 weeks to 11.
8 million bpd in the week ended May 6, an increase of only 200,000 bpd
since the geo-policy conflict, according to the latest data from the U.
S.
Energy Information Administration.

At 11:20 a.
m.
ET, oil prices showed an upward trend
.
WTI closed at $109.
80 a barrel, up $3.
66 on the day (up 3.
45%), but fell around
$0.
30 last week.
Brent benchmark crude was priced at $110.
90 a barrel, up $3.
42 (+3.
18%) on the day but down $2.
30 for the week
.

At 1:09 p.
m.
ET, WTI crude rose to $110.
30, while Brent was trading at $
111.
30.