U.S. drillers add oil rigs for first time in three weeks
Drillers added two oil rigs in the week to Aug. 31, bringing the total count to 862, the General Electric Co unit said in its closely followed report.
The oil rig count rose by one in August after gaining three rigs in July and losing one in June.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 759 rigs were active. Energy companies have been ramping up production in tandem with OPEC’s efforts over the past year-and-a-half to cut global output. ■