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U.S. oil rig count rises to 374, fifth week of increase

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Staff Writer | July 29, 2016
Oil rig count
Oil exploration   Gas rigs fell by two

The U.S. oil rig count rose by three to 374 this week, according to driller Baker Hughes.

The count rose last week by 14. It has moved higher since mid-May, as rising oil prices preceding that period encouraged producers to bring rigs online.

Gas rigs fell by two, taking the total count up one to 463.

"I believe oil prices in the upper $50s at a minimum are required for a sustainable recovery in North America," Baker Hughes CEO Martin Craighead said on a conference call.

Bigger rivals Schlumberger and Halliburton last week both said they expected a modest recovery in North American activity.


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