U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.
Source: www.reuters.com
Despite WTI crude prices hitting an eight-month low of US$60/bbl on Friday, U.S. oil companies added 12 oil rigs in the week to Nov. 9, bringing the total count to 886. This is the fourth addition in five weeks and is the biggest weekly increase since May when drillers added 15 rigs. Going by the total number of oil and gas rigs active (1,025) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs. Last year during this same period, the count was notably less at 738 rigs.
