The number of drilling rigs at work in Texas continued to rise in September with a count of 246 compared to 237 near the end of August, according to the Sept. 23 weekly report from oil services firm Baker Hughes. Nationally, there were 511 rigs at work compared to 487 at the end of August.
The price of oil hovered around the $45 mark during September as the markets worried about the historically high level of inventories and whether members of the Organization of Petroleum Exporting Countries will agree to pull back on production.
U.S. crude oil inventories in the week ending Sept. 16 fell by 6.2 million barrels but still amounted to 504.6 million barrels, according to the U.S. Energy Information Administration. The drop was higher than anticipated by analysts.