US Rig Count Rises To Highest Since March 2015

U.S. drillers added oil rigs for a second week in a row this week, raising the rig count to the highest level since March 2015.

Drillers added four oil rigs in the week to Oct. 19, bringing the total count to 873, said Baker Hughes Inc. (NYSE: BHGE), General Electric Co.’s (NYSE: GE) energy services firm, in its closely followed report on Oct. 19.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 736 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.