U.S. oil count climbs for 8th straight weekStaff Writer | August 19, 2016
The U.S. oil rig count rose by 10 to 406 this week, according to Baker Hughes.
Oil exploration The highest level since February 19, 2016
Last week, the oil rig count jumped by 15. Producers have been bringing rigs back online amid a recovery in oil prices.
On Thursday, West Texas Intermediate crude gained 22% since it bottomed below $40 per barrel early in August.
On Friday, WTI futures were up 0.03% to $48.25 in New York. ■