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Oil-rig count rises for 18th straight week

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Staff Writer | May 19, 2017
oil-rig count rose
Oil exploration   The longest streak of rig additions since 2011

The U.S. oil-rig count rose by eight to 720 this week, according to oilfield services giant Baker Hughes.

This extended the longest streak of rig additions since 2011, one week out to a crucial OPEC meeting that could impact global production levels.

The Organization of Petroleum Exporting Countries and other key producers will meet next week Friday to decide whether to extend the agreement reached last November to lower output.

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