US Oil Rig Count Rises to 460 as Total Rigs Hold Steady at 603

The total US active drilling rig count held steady at 603 for the week ending October 23, according to Baker Hughes. An increase of one oil rig to 460 was offset by a one-rig decline in natural gas rigs to 132, while miscellaneous rigs remained at 11. Total US rigs are up by 53 year-over-year. In Canada, active rigs climbed by 3 to 220, lifting the combined North American total to 823. Meanwhile, EIA data showed US crude output fell by 410,000 barrels per day to 13.269 million bpd as oil prices rallied.