US Oil Rig Count Increases By Two

U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.

Drillers added two oil rigs in the week to Nov. 16, bringing the total count to 888, still the highest level since March 2015, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.

After rig additions stalled at five during the third quarter, drillers have added 25 rigs so far this quarter.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 738 rigs were active because energy companies have spent more this year to ramp up production to capture prices that are higher in 2018 than 2017.