U.S. oil rig count rises to highest since October 2015Staff Writer | February 3, 2017
U.S. energy companies added oil rigs for a 13th week in the last 14, extending a nine-month recovery.
Oil exploration Drillers added 17 oil rigs
During the same week a year ago, there were 467 active oil rigs.
Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 267 oil rigs in 32 of the past 36 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014.
Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. ■