US Oil and Gas Drilling Accelerates, Led by Oklahoma, Baker Hughes Says - Bloomberg

The total of oil and natural-gas rigs operating in the U.S. rose for an 11th consecutive week to the highest level since the end of 2008, according to data published by Baker Hughes Inc.

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The combined rig count gained 11, or 0.7 percent, to 1,651, the highest level since Dec. 26, 2008, Baker Hughes reported on its website . The bulk of the increase came from Oklahoma, making it the third-largest producing state after Texas and Louisiana, based on the number of operating rigs. The U.S. count rose to a 22-year high in 2008, peaking at 2,031. U.S. oil rigs surged by 19 to 655, the highest level since Dec. 14, 1990. Crude for September delivery fell 97 cents, or 1.3 percent, to expire at $73.46 a barrel on the New York Mercantile Exchange. The more-active October contract lost 95 cents, or 1.3 percent, to $73.82 a barrel.

US Oil and Gas Drilling Accelerates, Led by Oklahoma, Baker Hughes Says - Bloomberg