US Drillers Add Oil Rigs for First Week in Three

U.S. energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June. U.S. crude prices, however, jumped to their highest since November 2014 earlier this week. Drillers added five oil rigs in the week to July 6, bringing the total count to 863, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. ┬áThe U.S. rig count, an early indicator of future output, is much higher than a year ago when 763 rigs were active as energy companies have been ramping up production in tandem with OPEC’s past efforts to cut global output over the past year-and-a-half.

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Source: Rig Zone

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