North Dakota has 80 Active Drilling Rigs
Baker Hughes released a data Friday unveiled that North Dakota now has 80 active drilling rigs, which is one up from last week. For the first time in 2015, North Dakota's rig count has increased.
At the same time last year, the state was having 174 drilling rigs. Since oil rout, Permian basin has seen first rig increase. On the other hand, the number of active rigs drilling for oil in America declined by 11 to 668 in the week to May 8.
This was the 22nd weekly drop that brings the rig count to its lowest level since September 2010. As per the report, the pace at which decline has been taking place reduced and was lower than last week. Since December, a decline has come in active oil rigs by nearly 57%.
Owing to weak demand and excess supply, oil almost halved last year. But factors like weakening dollar and expectations that the US crude production is at its peak have increased crude prices. The Energy Information Administration announced on Wednesday that for the first time since January, a decline came in US crude stockpiles.
The decline has led Brent Crude to nearly $70 a barrel, which is its highest in five months. Julian Jessop, head of commodities research, at Capital Economics, thinks that rather than increasing, the prices have more chances to fall over the remaining months of the year.