U.S. oil drillers add oil rigs for 3rd week in a row
Drillers added two oil rigs in the week to December 8, bringing the total count up to 751, the highest level since September, General Electric's Baker Hughes said.
The U.S. rig count, an early indicator of future output, is still much higher than a year ago when only 498 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash around the same time OPEC agreed to the production cuts a year ago.
The increase in U.S. drilling lasted 14 months before stalling in August, September and October as some producers trimmed their 2017 spending plans after prices turned softer over the summer.
Energy firms started adding rigs again in November as crude prices rose. ■