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U.S. oil rig count jumps higher for 7th week

Staff Writer | August 12, 2016
The U.S. oil rig count rose for the seventh-straight week last week, according to the latest data from Baker Hughes.
U.S. oil rig count
Oil exploration   A bit of recovery in oil prices
This week the rig count jumped by 15 to 396, the highest level since February 26. Last week, the rig count rose by 7 to 381, the highest total since March 18.

The rig count has been steadily ticking higher in recent weeks amid a bit of recovery in oil prices, though last week the price of oil fell below $40 briefly for the first time in months.