The U.S. oil rig count stopped its three-week climb this week, losing seven rigs to end the week at 330, according to the latest Baker Hughes Inc. (NYSE: BHI) rig count report.

But Canadian drillers put eight more oil rigs to work, bringing its total count to 76 this week. That helped push the North American count up to 497, four more than a week ago. The total, however, is exactly half of what it was a year ago.

On June 24, crude prices pulled back after a recent rally to an 11-month high of more than $51 a barrel, to falling below $48 a barrel. Prices were largely in response to Britain’s vote to leave the European Union.

Despite price fluctuations, several companies have recently indicated plans to boost spending on new drilling with futures for the balance of the year and in to 2017 topping $50 a barrel.

Analysts and producers have said U.S. crude prices at more than $50 were key to triggering a return to the well pad. Some believe that number needs to be higher.

Despite becoming more efficient, $50-$55 oil does not enable companies generate cash fast enough to quickly reinvest in fields, according to Anadarko Petroleum Corp. (NYSE: APC) CEO Al Walker. That means the ramp up to growth mode will be slower, he said during an energy conference.

“It’ll take $60 or more at around the service costs that we have today for cash cycling to start making sense for growth,” Walker said June 21.

RELATED: Anadarko CEO: $60 Oil Needed To Grow Production

The rig count has remained relatively stagnant with only minor changes in recent weeks.

The total U.S. rig count dropped to 421, down three compared to the previous week.

The Gulf of Mexico lost one rig this week, bringing its count to 20.

Major basins with gains this week included the:

  • Permian, up four to 150;
  • Haynesville and Williston, each up by two to 19 and 26, respectively; and
  • Granite Wash picked up one rig to bring its count to eight, the Baker Hughes report showed.

There were three fewer rigs operating in the Cana Woodford, which ended the week with 24 rigs. The Marcellus had one fewer rig pumping this week compared to last, leaving it with 23.

The Ardmore Woodford Basin count dropped to zero after drillers cut the last rotary rig standing in the basin.

In all, U.S. oil drillers removed seven oil rigs in the week ending June 24, bringing the total rig count down to 330, compared with 628 a year ago, Baker Hughes said in the report.

The U.S. gas rig count was 90, up four for the week. The Canadian gas rig count was down by one to end the week at 39.

Before this week, U.S. oil drillers added oil rigs in only four out of 24 weeks this year, cutting on average eight rigs per week for a total of 199. Last year, they cut 18 rigs per week on average for a total of 963, the biggest decline since at least 1988.

Analysts, however, expect the rig count to climb in most weeks for the rest of this year with prices expected to rise in prices months.

Looking forward, futures for the balance of the year were trading below $49 while calendar 2017 was nearly at $51.

“We expect rig counts to keep rising into year-end as prices rise, but the backlog of drilled-but-uncompleted wells (DUCs) could slow the pick-up in drilling as producers potentially look to reduce the backlog of DUCs before adding rigs,” analysts at U.S. bank Citigroup said in a report.

Citi said production from DUCs is crucial to how production grows and analysts expect oil production to drop by 760,000 barrels per day (bbl/d) and natural gas by 1 billion cubic feet per day (Bcf/d) in 2016 compared to 2015. In 2017, production is forecast to drop another 160,000 bbl/d and 3.5 Bcf/d.

However, with DUCs being completed Citi forecast production might only decline by about 600,000 bbl/d for oil and even rise by 0.1 Bcf/d for gas in 2016. Into 2017, oil production could increase by 160,000 bbl/d and natural gas by 1.2 Bcf/d.

Offshore