U.S. drillers add oil rigs for fourth consecutive weekStaff Writer | February 16, 2018
U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans.
Oil exploration Drillers added seven oil rigs in the week to February 16
That was the first time since June that drillers added rigs for four consecutive weeks.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 597 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash. ■