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U.S. oil rig count rises to highest since October 2015

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Staff Writer | February 3, 2017
Oil rig count
Oil exploration   Drillers added 17 oil rigs

U.S. energy companies added oil rigs for a 13th week in the last 14, extending a nine-month recovery.

Drillers added 17 oil rigs in the week to February 3, bringing the total count up to 583, the most since October 2015, energy services firm Baker Hughes said.

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.


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