US Oil Rigs Rise to 562 as Brent Slips to $91.99 on Deal Rumors

US drillers increased active rigs to 562 this week, with oil-directed rigs climbing four to 429, as producers responded to elevated prices earlier in the period. The move follows five consecutive weeks of crude inventory draws, culminating in the EIA’s 3.3 million-barrel decline for the week ended May 22 that left stocks 2% below the five-year average. Gasoline and distillate inventories also fell sharply and remain well below seasonal norms, tightening fundamentals and lifting Brent briefly to $96.74 before geopolitical rumors triggered a sharp pullback to $91.99. SPR releases continued, dropping inventories to 365.1 million barrels, the lowest since April 2024.