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U.S. drillers add oil rigs for 3rd week in four

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Staff Writer | April 6, 2018
U.S. energy companies added oil rigs for the third time in four weeks as crude prices drifted from a three-year high hit earlier this year amid concerns of a trade war between U.S. and China.
drillers add oil rigs
Oil exploration   An early indicator of future output
Drillers added 11 oil rigs in the week to April 6, bringing the total count up to 808, the highest level since March 2015, General Electr’s Baker Hughes said.

This was the biggest weekly addition in about two months.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 672 rigs were active. Energy companies have been steadily increasing spending since mid-2016 when crude prices began recovering from a two-year crash.