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U.S. oil rig count rises this week

Staff Writer |
The U.S. rig count fell for a third month in a row even as drillers added a rig this week for the first time in October, extending the drilling decline that started after crude prices fell below $50 a barrel this summer.

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Drillers added one oil rig in the week to October 27, bringing the total count up to 737, General Electric's Baker Hughes said in its closely followed report on Friday.

For the month, the rig count fell by 13, the biggest decline since May 2016. It was also the first time since May 2016 that the number of rigs dropped for a third month in a row.

The rig count, an early indicator of future output, is still much higher than a year ago when only 441 rigs were active after energy companies boosted spending plans in the second half of 2016 as crude recovered from a two-year price crash.

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