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Number of Oil Rigs Drops

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By AP

Undated – Weekly US oil, gas rig count drops 20 to 1,987

HOUSTON (AP) The number of rigs actively exploring for oil and natural gas in the U.S. is down by 20 this week to 1,987.

The Houston oilfield services company Baker Hughes reported Friday that 1,191 rigs were exploring for oil and 791 for natural gas. Five were listed as miscellaneous.

Oklahoma lost four rigs, Colorado shut down six, while Texas dropped by two. Arkansas added one rig.

West Texas Intermediate crude priced at Oklahoma's Cushing pipeline hub closed the week at $98.70 per barrel.