The number of operating drilling rigs in the United States rose to the highest level since May as oil prices moved within striking distance of $50 a barrel.
Oil and gas producers added 8 rigs this week, following a surge of 15 in the previous week. The U.S. rig count is at 346, up more than 100 since hitting bottom in mid-August and the highest since May 8, according to the Houston oil field services company Baker Hughes.
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The rebound in the rig count, still down nearly 60 percent from a year ago, as followed rising crude prices. Oil prices, buoyed by approval of coronavirus vaccines and prospects of stimulus spending, have increased for seven consecutive weeks. Oil settled at $49.10 a barrel in New York Friday, up 74 cents.
New activity was concentrated in the Permian Basin, which added 6 rigs over the week.
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December 20, 2020 at 05:47AM
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Rig count rises with oil's rally - Houston Chronicle
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