Bolstered by a modest rebound in oil activity, the U.S. rig count rose four units to finish at 758 for the week ended Friday (March 24), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR).

Domestic gains were driven by a four-rig increase in oil-directed drilling, raising total U.S. oil rigs to 593 for the period. The U.S. oil count recently peaked in late 2022 at 627 and has been trending lower throughout 2023. 

U.S. natural gas-directed drilling, meanwhile, held steady at 162 rigs during the week ended March 24.

Land drilling was up three rigs, and one rig was added in the Gulf of Mexico. Gains included three directional rigs and one vertical rig, with total horizontal rigs unchanged week/week.

The combined 758 active U.S. rigs as of...