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U.S. oil rig count rises for 11th straight week

Staff Writer |
The U.S. oil-rig count increased by 10 to 662 this week, according to oilfield-services giant Baker Hughes.

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The gas-rig count rose by five to 160. Miscellaneous rigs were unchanged at two, taking the combined count of all rigs up by 15 to 824.

The deal between OPEC and some non-members to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has not substantially lowered global oil stockpiles.

With U.S. oil rigs still on the rise, production will likely remain robust.


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