Oil rig count climbs for 8th straight week

The US oil rig count rose by 10 to 406 this week, according to driller Baker Hughes.

That's the highest level since February 19, 2016.

The gas rig count was unchanged at 83, and the total rig count gained 10 to 491.

Last week, the oil rig count last week jumped by 15.

Producers have been bringing rigs back online amid a recovery in oil prices.

On Thursday, West Texas Intermediate crude reentered a bull market, having gained 22% since it bottomed below $40 per barrel early in August.

On Friday, WTI futures were little changed ahead of the rig count data, up 0.1% to $48.27 in New York.

Here's the latest chart showing the oil rig count:

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