Oil rig count rises for 19th straight week
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. ■