U.S. drillers add oil rigs for 6th consecutive weekStaff Writer | March 2, 2018
U.S. energy companies added oil rigs for a sixth week in a row as crude prices hovered near three-year highs.
Oil exploration An early indicator of future output
That was the first time since June that drillers added rigs for six consecutive weeks. They added rigs for 23 weeks in a row between January and June 2017.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 609 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash. ■