Why it is moving
The number of active rigs is an indicator of the level of oil drilling activity and energy industry expectations. The increase in rigs may reflect the industry's response to market conditions and oil prices.
Main drivers
U.S. oil drilling activity rises
Evidence: US oil drilling rig count rose by 7 to 452, with total rigs up to 588, as Brent gained 4%.
Brent crude price dynamics
Evidence: US oil drilling rig count rose by 7 to 452, with total rigs up to 588, as Brent gained 4%.
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