U.S. DRILLERS ADD OIL AND GAS RIGS FOR FIFTH WEEK IN A ROW

U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as higher energy prices prompt producers to keep returning to the wellpad in recent months. The oil and gas rig count, an early indicator of future output, rose 2 to 348 in the week to Dec. 23, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940. Baker Hughes released its North American rig count report two days earlier than usual due to the Christmas holiday on Friday. U.S. oil rigs rose to 264 this week, their highest since mid-May, according to Baker Hughes data. Reuters