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U.S. oil drilling rig count steady this week

Staff Writer |
U.S. energy companies kept the oil rig count unchanged this week, General Electric’s Baker Hughes said.

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The rig count, an early indicator of future output, held at 738 in the week to November 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash.

The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming their 2017 spending plans when prices turned softer over the summer.

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