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U.S. drillers add oil rigs for second consecutive week

Staff Writer | February 2, 2018
U.S. energy companies added oil rigs for a second week in a row as crude prices hovered near their highest levels since 2014.
drillers add oil rigs
Oil exploration   An early indicator of future output
Drillers added 6 oil rigs in the week to February 2, bringing the total count up to 765, the highest level since August 2017, General Electric’s Baker Hughes said.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 583 rigs were active after energy companies started to boost spending in mid-2016 as crude were recovering from a two-year price crash.