US oil-rig count increases to a nearly two-year high
The oil rig count was at its highest level since the week ending April 24, 2015.
As of about 1:07 PM eastern time, the US benchmark West Texas Intermediate crude oil was down about 1.9% to a price of $49.32 per barrel.
Last week, the oil-rig count rose by 11, gas rigs fell by three, and miscellaneous rigs were unchanged at two.
Here's how the oil-rig count has changed over the last several years: