The oil rig count in the US increased this week, according to the latest data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs, an indicator of short-term production in the country, rose by 11 to 183 for the week ending Aug. 21, from 172 the previous week.
This marks the first double-digit jump in US oil rig count since January this year.
The number of oil rigs was steadily in decline since March when the COVID-19 pandemic started to affect significant parts of the US. The latest increase in oil rig count happened for the week ending July 24 and rose by 1, after it declined for 18 consecutive weeks.
At Friday's close, price of international benchmark Brent crude stood at $44.30 per barrel, while American benchmark West Texas Intermediate (WTI) was at $42.30 a barrel.
By Ebru Sengul Cevrioglu