US Drillers Add Oil Rigs For Second Week In A Row

U.S. energy companies added oil rigs for a second week in a row even though crude prices have declined about 7% over the past two weeks and analysts do not expect any big changes in the rig count for the rest of the year.

Drillers added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015, Baker Hughes Inc. (NYSE: BHGE), General Electric Co.’s (NYSE: GE) energy services firm said in its closely followed report on June 1.

That was the eighth time drillers added rigs in the past nine weeks.