U.S. oil rig count rose by seven to 425 this weekStaff Writer | September 30, 2016
The count of active oil rigs in the U.S. rose by seven to 425 this week, according to Baker Hughes.
Oil exploration The oil-rig count has not fallen during the last 14 weeks
The oil-rig count has not fallen during the last 14 weeks, the longest streak since before oil prices started slumping in 2014. The tally is now at the highest level since the week of February 12.
After the oil crash started, drillers were forced to cut costs in various ways, including reducing the number of active rigs. ■