US Drillers Add Three Oil Rigs

U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow through on plans to spend more on E&P in anticipation of higher crude prices in 2018 than recent years.

That move higher came despite recent declines in U.S. crude prices, which are on track to fall for a fourth week in a row this week on worries trade tensions between the U.S., China and Europe could hurt oil demand.

Drillers added three oil rigs in the week to July 27, bringing the total count to 861, Baker Hughes, a GE company, said in its weekly report.

For the month, the oil rig count increased by three in July after losing one rig in June.