U.S. drillers add oil rigs for second week in three
Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric’s Baker Hughes said.
The U.S. rig count, an early indicator of future output, is still higher than a year ago when 791 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.
In 2019, however, some drillers have said they plan to remove rigs due in part to forecasts for lower crude prices than last year. ■