US Oil Rig Count Grows By 10

U.S. energy companies this week added the most oil rigs since May as drillers follow through on plans to spend more on E&P in anticipation of higher crude prices in 2018 than recent years.

Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.

That rig count increase occurred despite U.S. crude prices being on track to fall for a sixth week in a row for the first time since August 2015 on worries trade tensions between the United States and China could hurt oil demand.