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Oil rig count climbs by 2, says Baker Hughes

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Staff Writer | November 11, 2016
Oil rig count climbs
Oil exploration   Last week, the tally climbed by nine

The U.S. oil rig count rose by two to 452 this week, according to driller Baker Hughes.

Last week, the tally climbed by nine, resuming the uptrend after a brief pause.

Demand for oil rigs rose in the second half of this year as crude prices stabilized in a price range between $40 and $50 per barrel, and producers became more confident about market conditions.

Crude oil fell on Friday after the Organization of Petroleum Exporting Countries reported another jump in production in October.

OPEC pumped 33.64 million barrels per day, up from 240,000 in September, according to its monthly report.

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