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Rigs Rise, Oil Prices Dip | Odessa News
Oil drilling is heating up in the Permian Basin with 3 new rigs bringing total activity to 263 — a modest gain over last year — while national rig count holds steady at 588, up from 539 a year ago. Most rigs are chasing oil, up 3 from last week, as natural gas exploration dips. The U.S. rig count has rebounded dramatically since hitting a low of 244 in August 2020, but still far below its 1981 peak of 4,530. Meanwhile, crude prices cool: West Texas Intermediate ends at $78.18, down $6.49 from last week, mirroring the regional benchmark’s drop to $74.66 — signaling a market where rising…
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