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2.80

Baker Hughes oil rig count rises for 6th straight week

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The US oil-rig count increased by five to a total of 602 this week, according to Baker Hughes.

At 632, the oil rig count would be double the trough it fell to after the most recent oil crash.

The gas rig count decreased by two to 151. With one miscellaneous rig remaining in use, the total rig count rose by three to 754.

Last week, the oil rig count rose by six and the gas rig count by four.

US shale drillers continue to pose a threat to how much higher oil prices can go, even after the Organization of Petroleum Exporting Countries (OPEC) and some non-producers agreed to cut their output. As analysts wait for full evidence that OPEC is abiding by the agreement it reached in November, they’re keeping an eye on the rising rig count, which indicates that US production is not easing.

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Written by Akin Oyedele for Business Insider

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