US Drillers Add Oil Rigs, Permian Count Nears 4-Year High

The U.S. oil drilling rig count rose this week for the first time in four weeks, boosting the number of rigs in the nation’s biggest oil field to the most in nearly four years.

Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report. The increase was the biggest weekly gain since mid-August.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 743 rigs