U.S. drillers add oil rigs for second week in a row
Companies added two oil rigs in the week to April 12, bringing the total count to 833, General Electric’s Baker Hughes said.
The U.S. rig count, an early indicator of future output, is higher than a year ago when 815 rigs were active.
The rig count fell for the past four months as independent exploration and production companies cut spending on new drilling as they focus on earnings growth instead of increased output. ■