U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.
Source: www.reuters.com
The closely followed U.S. weekly rig count report by energy services firm, Baker Hughes showed that U.S. oil companies added three oil rigs in the week to Feb. 15. This brings the total rig count up to 857, and is the second weekly gain amid concerns of global supply glut. U.S. crude futures however were trading firm at $55/barrel Friday, ending the week up 5% aided by OPEC-led production cuts.
