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U.S. drillers add oil rigs for second week in a row

Christian Fernsby |
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row.

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Topics: OIL    RIG    U.S.   

Companies added 1 oil rigs in the week to Oct. 18, bringing the total count to 713, General Electric’s Baker Hughes said.

In the same week a year ago, there were 873 active rigs.

The oil rig count, an early indicator of future output, has declined over a record 10 months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.

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