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U.S. drillers add most oil rigs since May

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Staff Writer | August 10, 2018
oil rigs
Oil exploration   Drillers added 10 oil rigs in the week

U.S. energy companies this week added the most oil rigs since May as drillers plan to spend more in anticipation of higher crude prices in 2018 than recent years.

Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric’s Baker Hughes said.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 768 rigs were active as energy companies have been ramping up production in anticipation of higher prices in 2018 than previous years.

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