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U.S. drillers add oil rigs for first week since June, says Baker Hughes

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Christian Fernsby ▼ | August 16, 2019
U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks.
Oil rig workers
America   Companies added six oil rigs in the week
Companies added six oil rigs in the week to Aug. 16, the biggest increase since April, bringing the total count to 770, General Electric’s Baker Hughes said.

Topics: U.S. oil

In the same week a year ago, there were 869 active rigs.

The oil rig count, an early indicator of future output, has declined over the past eight months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.