The number of drilling rigs at work in Texas rose to a count of 463, significantly higher than last year but only up slightly from June's count, according to oilfield services firm Baker Hughes. Nationally, there were 950 rigs at work, up from 941 at this time last month. Overall, US crude production is steady around 9.41 million barrels/day.
Oil prices reached a two-month high this week, as worldwide output stabilized. The price of West Texas Crude futures rose over 8.5%, nearly reaching $50/barrel.