U.S. drillers add oil rigs for second week in a row: Baker Hughes
U.S. ENERGY FIRMS added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year.
Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
For the month the rig count fell by 2, its first decline in six months. But for the quarter, the count was up 22, the fourth increase in a row.
For the year the count was up 138. That compares with an increase of 222 rigs in 2017 and a decline of 11 rigs in 2016.
The U.S. rig count, an early indicator of future output, is higher than a year ago when 747 rigs were active after energy companies spent more to capture higher prices.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were last up 15 cents to $44.76 a barrel, after reaching $46.22 a barrel earlier, though the U.S. benchmark was headed for a third straight week of losses. [O/R].