On June 10, Baker Hughes reported that U.S., Canadian and international rig counts were all up since the prior counts.
Domestic rigs were up by 6, to 414; and Canadian rigs were up by 24, to 65 since the last count on June 3. International rigs were up by 9, to 955, since the last count in April.
Reuters reported separately that crude prices rose to an 11-month high during the week of June 6, and domestic oil rigs were added for second week in a row for the first time since August.
“There are some signs that rigs may be returning in the best acreage, namely the best counties in the Permian Basin,” according to a Morgan Stanley analysts’ report that Reuters cited.
According to Baker Hughes’ data, all of the featured regions’ rig counts were down since the year-ago counts of June 12, 2015 and May 2015, respectively.