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U.S. oil drillers add rigs for second time in 2016

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Staff writer ▼ | June 3, 2016
Oil rig count
Oil exploration   Drillers added 9 oil rigs in the week to June 3

U.S. energy firms this week added rigs drilling for oil for the second time this year, says Baker Hughes.

Drillers added 9 oil rigs in the week to June 3, bringing the total rig count up to 325, compared with 642 a year ago, Baker Hughes said.

Prior to this week, energy companies added only one rig so far this year, during the week of March 18. They had cut on average 10 oil rigs per week for a total of 220 so far this year. They cut on average 18 oil rigs per week for a total of 963 in 2015, the most since at least 1988 amid the biggest rout in crude prices in a generation.

The rig count has dropped since hitting a peak of 1,609 in October 2014 as U.S. crude futures fell from over $107 a barrel in mid-2014 to a near 13-year low around $26 in February.


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