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Oil rig count increased by 9

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Staff Writer | November 4, 2016
Oil rig count
Oil exploration   There are 112 fewer active oil rigs

The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.

Last week, the oil rig count fell for the first time in four months, by two to 441.

The rebound during those months — the longest streak since the oil crash — was small compared to the plunge that preceded it. There are 112 fewer active oil rigs compared to a year ago.

Hopes of a recovery, or at least a stabilization of prices in the $40-$50 per barrel range, raised demand for drillers' services in recent months.

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