U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with crude futures up more than 40 percent so far this year.
Source: in.reuters.com
In the week to April 12, U.S. energy firms added two oil rigs, bringing the total count to 833, as per Baker energy services firm Baker Hughes. This is the second consecutive addition, and follows a sharp fall for the past four months as independent exploration and production companies cut spending on new drilling as they focus on earnings growth instead of increased output. However, big oil companies are boosting their presence, particularly in the Permian basin. U.S. crude futures rose to a five-month high of $65 a barrel last week. Thse futures results were driven primarily by tightening market conditions due to supply cuts from Venezuela and Iran.
