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U.S. oil-rig count climbs for 15th straight week

Staff Writer |
The U.S. oil-rig count increased by nine to 697 this week, according to Baker Hughes.

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The rise demonstrated again that explorers continue to take advantage of higher oil prices. Schlumberger and Halliburton — the two largest oilfield-services companies — this week reported first-quarter earnings that showed stronger demand.

As a whole, the energy sector is expected to be the biggest contributor to year-over-year S&P 500 earnings growth.

Gas rigs increased by four to 171. With miscellaneous rigs unchanged at two, the total rig count rose by 13 to 870.

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