U.S. oil rig count recovers to end 2016 near year-ago levelsStaff Writer | December 30, 2016
The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global oil glut crushed the market over two years.
Oil exploration Drillers added two oil rigs
The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. ■