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U.S. oil rig count rises for 17th straight week

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Staff Writer | May 12, 2017
Oil rig count rises
Oil exploration   The longest stretch of rig additions

The U.S. oil-rig count rose this week by nine to 712, according to the oilfields-services giant Baker Hughes.

That's the highest level since the week of April 17, 2015.

The increase extended the longest stretch of rig additions in six years, illustrating that drillers are finding efficient ways to ramp up production in a lower oil-price environment.

OPEC and other key producers will meet on May 25 to decide whether to extend their agreement to cut production by almost 1.8 million barrels per day.

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