U.S. drillers add oil rigs for 3rd week in fourStaff 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.
Oil exploration An early indicator of future output
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. ■