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Oil rig count rises for 19th straight week

Staff Writer |
The U.S. oil rig count rose by two to 722 last week, according to Baker Hughes.

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This week marks the one-year anniversary of when the tally bottomed after the price downturn.

The stunning drop in the number of rigs was a proxy for how hard lower prices were hurting exploration companies.

With 19 straight weeks of rig additions and oil near $50 a barrel, producers are clearly more confident in market conditions than they were a year ago.

The gas-rig count increased by five to 185. With one miscellaneous rig remaining in use, the total rig count rose by seven to 908.

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