The nation's rig count remained relatively stable last week, following a strong week in West Texas' Permian Basin, which had added a whopping 18 drilling rigs at the end of January.

The overall rig count for the U.S. fell by one, bringing the number of active rigs down to 946, according to weekly data collected by the Houston energy services company Baker Hughes energy services firm. Six oil rigs were added and gas rigs were down by seven.

Colorado's DJ Basin added one rig, and two rigs were added in the Haynesville shale, which spans parts of Arkansas, Louisiana and East Texas. The Permian Basin, with 427 rigs, accounts for nearly half of all active rigs in the U.S.

Oil prices have continued to surge since late 2017 with the U.S. benchmark now hovering above $65 a barrel. Oil prices are now at their highest since December 2014 -- when prices sank from $69 to $53 a barrel in less than a month.