US Drilling Rigs Edge Upward as Production Hits Record Levels

The count of active oil rigs climbed by 7 this week to reach 440, while gas rigs added 3 units to hit 125. This expansion coincides with elevated production figures; the latest report from the EIA shows U.S. crude oil output reached 13.819 million barrels per day for the week ending June 19. This represents a steady climb from the previous week's 13.806 million barrels.

Regional activity remains concentrated, with the Permian Basin gaining 2 rigs for a total of 258, though this remains 12 units below year-ago benchmarks. Elsewhere, the Eagle Ford basin held steady at 44 rigs. Despite the uptick in physical infrastructure, market sentiment appears bearish: Brent crude fell 4.46% to $71.90 per barrel, while WTI dropped to $69.43, marking a significant weekly retreat for global benchmarks.