U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.
Source: www.reuters.com
In the week to April 5, U.S. energy firms added 15 oil rigs, bringing the total count to 831, as per energy services firm, Baker Hughes. This increase is the biggest since May 2018 and follows six weeks of consecutive declines. It has been reported that these recent declines were consequent to independent exploration and production companies cutting spending as they focus on earnings growth instead of increased output. U.S. crude futures rose to a five-month high of $63 a barrel this week on supply concerns due to an escalating conflict in Libya, U.S. sanctions against Iran and Venezuela and OPEC-led curbs.
