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U.S. oil count climbs for 8th straight week

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Staff Writer | August 19, 2016
US oil count
Oil exploration   The highest level since February 19, 2016

The U.S. oil rig count rose by 10 to 406 this week, according to Baker Hughes.

That's the highest level since February 19, 2016. The gas rig count was unchanged at 83, and the total rig count gained 10 to 491.

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.


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