scorecard
  1. Home
  2. stock market
  3. Oil rig count rises for 2nd straight week

Oil rig count rises for 2nd straight week

Akin Oyedele   

Oil rig count rises for 2nd straight week

The US rig count rose for a second straight period this week, by 3 to 328, according to driller Baker Hughes.

This indicates that some drillers decided to bring rigs online as oil prices rebounded and headed towards $50 per barrel.

The gas rig count rose 3 to 85, and the total was up 6 to 414.

Last week, the tally rose for the first time this year, by 9. The gas rig count fell 5, and the total rose 4 to 408.

Following the rig-count data on Friday, West Texas Intermediate crude futures in New York were down 2.5% to $49.27 per barrel. It's a retreat from the best levels of the year reached earlier this week.

Here's a chart of the oil rig count, which remains one of the most remarkable graphics that tell the oil-crash story:

6 10 16 oil rigs chart

Andy Kiersz/Business Insider

READ MORE ARTICLES ON



Popular Right Now



Advertisement