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U.S. oil rig count recovers to end 2016 near year-ago levels

Staff Writer |
The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global oil glut crushed the market over two years.

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Drillers added two oil rigs in the week to December 30, bringing the total count up to 525, the most since December 2015 and 11 shy of the 536 rigs seen at the end of 2015, energy services firm Baker Hughes Inc said.

The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. ■

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