U.S. oil rig count rises to 374, fifth week of increaseStaff Writer | July 29, 2016
The U.S. oil rig count rose by three to 374 this week, according to driller Baker Hughes.
Oil exploration Gas rigs fell by two
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. ■