U.S. drillers add oil rigs for 16th week in a row: Baker Hughes

6 May 2017   Shale Oil

The Elevation Resources drilling rig is shown at the Permian Basin drilling site in Andrews County, Texas, U.S. on May 16, 2016. U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel. Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 328 active oil rigs, the pace of those additions has declined over the past four weeks to the lowest since the week to March 10. U.S. crude futures were trading around $46 a barrel after […]

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