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U.S. drillers add oil rigs for second week in a row

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Staff Writer | Friday June 1, 2018 2:58PM ET
drillers add oil rigs
Oil exploration   The eighth time drillers added rigs in the past nine weeks

U.S. energy companies added oil rigs for a second week in a row even though crude prices have declined about 7 percent over the past two weeks and analysts do not expect any big changes in the rig count for the rest of the year.


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Drillers added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015, General Electric’s Baker Hughes said.

That was the eighth time drillers added rigs in the past nine weeks.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 733 rigs were active as energy companies have been ramping up production in tandem with OPEC’s efforts to cut global output in a bid to take advantage of rising prices.

 

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