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U.S. oil rig count rises for 7th straight week

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Staff Writer | March 3, 2017
U.S. oil rig count
Oil exploration   At 502 million barrels

The US oil-rig count rose by seven to 609 this week, according to Baker Hughes.

The gas rig count fell by five to 146. With miscellaneous rigs unchanged at one, the total rig count rose by two to 756.

Last week the tally of oil rigs rose by six. Data from the Energy Information Administration on Wednesday showed that inventories rose for an eighth straight week, by 1.5 million barrels.

At 502 million barrels, U.S. oil inventories are at the higher end of the average range for this time of year, the EIA said.

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