US and Canadian Oil Rig Count Sees Gains as Oil Output Remains Strong

The number of operating oil rigs in the U.S. and Canada increased slightly last week as both countries continue to maximize oil output.

The U.S. oil rig count rose by one to 450 during the week, according to data from oil field services firm Baker Hughes. That’s 34 more than at this time last year and the second-straight week-over-week increase.

The U.S. gas rig count rose by two to 132. That’s 14 more than were operating a year ago.

The Canadian oil rig count also rose by one to 141, which is 15 more than were operating a year ago.

The gas rig count moved higher by three to 65, placing it six rigs higher than last year.

The increase in oil rig counts come as crude prices have been rising for more than two weeks amid renewed fighting between the U.S. and Iran.

The price of West Texas Intermediate crude on Thursday topped $100/bbl for the first time since May.

The rising prices have spurred production, with the Energy Information Administration reporting that U.S. crude output averaged a record 13.947 million b/d in the week ended Sept. 4.

Despite the increase in output, overall U.S. crude inventories are at the lowest levels in about 42 years.

Last week, Statistics Canada reported that Canadian production and export of crude and equivalent products marked a 13th month of year-over-year gains in June, the latest month for which data is available.

–Reporting by Steve Cronin, steven.cronin@dowjones.com; Editing by Michael Kelly, mkelly@opisnet.com