Here comes the Baker Hughes rig count ...
Elaine Thompson/AP
The oil drilling rig Polar Pioneer is towed toward a dock and in view of the Space Needle Thursday, May 14, 2015, in Elliott Bay in Seattle.
Over the last two years, the focus has been on the massive plunge in the number of active oil rigs, which followed the collapse in oil prices. Now that OPEC has agreed to its first output cut in eight years, pushing oil prices above $50 per barrel, US producers may be encouraged to ramp up production at a faster rate.
Last week, the number of active rigs increased by three to 474, a fourth straight rise that extended an uptrend which started earlier this year after it was clear that oil prices had bottomed. The gas rig count rose by two to 118, and there was one miscellaneous rig in use.
West Texas Intermediate crude oil was headed for its biggest weekly increase since the week of February 21, by 11.5%, ahead of the rig-count data release.
Next Story
2 states where home prices are falling because there are too many houses and not enough buyers
US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
9 health benefits of drinking sugarcane juice in summer
10 benefits of incorporating almond oil into your daily diet
From heart health to detoxification: 10 reasons to eat beetroot
Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
