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Number of U.S oil rigs jumps to 791

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Staff Writer | February 9, 2018
oil rigs jumps
Oil exploration   The increase in the week to February 9

U.S. energy companies added 26 oil rigs this week, boosting the count to 791, its highest since April 2015.

The increase in the week to February 9 was the biggest weekly rise since January 2017, General Electric's Baker Hughes said.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 591 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash.

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