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Oil rig count rises for 19th straight week

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Staff Writer | May 26, 2017
Oil rig count rises
Oil exploration   19 straight weeks of rig additions

The U.S. oil rig count rose by two to 722 last week, according to Baker Hughes.

This week marks the one-year anniversary of when the tally bottomed after the price downturn.

The stunning drop in the number of rigs was a proxy for how hard lower prices were hurting exploration companies.

With 19 straight weeks of rig additions and oil near $50 a barrel, producers are clearly more confident in market conditions than they were a year ago.

The gas-rig count increased by five to 185. With one miscellaneous rig remaining in use, the total rig count rose by seven to 908.

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