U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.
Source: www.reuters.com
The closely watched U.S. oil rig count increased by two rigs for the week to October 26, according to energy services firm Baker Hughes. This is the third consecutive weekly gain since June and brings the total rig count to 875, the highest level since March 2015. For the month as a whole, the rig count rose 12 in October, the biggest monthly increase since drillers added 34 rigs in May. Going by the average rigs active (1,023) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs.
