U.S. drillers added rigs for third week in rowStaff writer ▼ | June 17, 2016
U.S. drillers this week added oil rigs for a third week in a row for the first time since August, according to Baker Hughes.
Oil exploration Despite a decline in U.S. crude futures
Producers are seeking more drilling permits after crude prices hit an 11-month high over $51 a barrel last week.
Despite a decline in U.S. crude futures to one-month lows to under $47 this week, analysts and producers have said oil over $50 was a key level that would trigger a return to the well pad and drilling permits are a leading indicator of future drilling.
Drillers added nine oil rigs in the week to June 17, bringing the total rig count up to 337, compared with 631 a year ago.
Before this week, drillers added rigs in only three out of 23 weeks this year, cutting on average nine oil rigs per week for a total of 208. ■