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Baker Hughes reports first weekly rise in U.S. oil-rig count this year

Staff writer ▼ | March 18, 2016
The US oil rig count rose for the first time in 3 months this week as the combined tally of oil and gas rigs plunged to another record low.
Baker Hughes
Oil exploration   The combined rig count fell to 476
Data from driller Baker Hughes showed that the oil-rig count rose by one to 387 this week.

The combined count meanwhile fell to 476, as 5 gas rigs went offline. It first hit the lowest level dating back to at least 1949 last week.

West Texas Intermediate crude was trading above $40 per barrel on Friday ahead of the data release. It crossed the mark Thursday for the first time since December, amid news of a possible meeting of oil producers next month to pare output.