Key facts
- US oil drilling has expanded for six consecutive weeks.
- The number of active oil rigs in the US increased by two this week to 431.
- Benchmark US crude futures have surged 35% since late February.
- Average crude prices over the past six weeks were nearly $98 a barrel.
US oil drilling has seen its longest uptrend in nearly four years, expanding for six consecutive weeks. The number of active rigs increased by two this week to 431, according to data from Baker Hughes Co. This sustained growth in domestic exploration is a response to a significant rise in crude oil prices, which have surged 35% since late February, averaging close to $98 a barrel over the past six-week period. The increase in drilling activity is also attributed to overseas refiners actively purchasing US crude cargoes to compensate for supply disruptions caused by the ongoing conflict, which is nearing its 100-day mark. The last comparable streak of domestic exploration growth occurred in mid-2022, during the post-pandemic recovery in energy demand.