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U.S. oil rig count rises by 19, biggest jump in 5 months

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Staff Writer | November 18, 2016
Baker Hughes reported the largest weekly rise in its count of oil rigs operating in U.S. fields since a recovery began at the end of June.
U.S. oil rig count rises
Oil exploration   Crude prices stabilized
The count rose by 19 rigs to 471 in the last week. It was the largest weekly increase since July 2015, and the highest number of rigs since the week ending February 5, 2016.

Last week, the tally of oil rigs increased by two. As crude prices stabilized in a price range between $40 and $50 per barrel earlier this year, demand for oilfield services increased.