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U.S. drillers add the most oil rigs in week since June

drillers add the most oil rigs
Oil exploration   Baker Hughes:

U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015.


Drillers added nine oil rigs in the week to November 10, bringing the total count up to 738, General Electric's Baker Hughes said.

The rig count, an early indicator of future output, is still much higher than a year ago when only 452 rigs were active after energy companies boosted spending plans for 2017 in the second half of last year as crude started recovering from a two-year price crash.

The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming their 2017 spending plans when prices turned softer over the summer.

 

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