Rig Count Continues to Rise

The Baker Hughes rig count report shows that the U.S. rig count continues to rise after 17 weeks with no declines. Last week was the 2n best week with 11 new oil rigs going on line. The U.S. rig count is now up to 443. The count is still way below the 2014 high of 1609, but with oil prices over $50, U.S. operators are optimistic. Since May 2016, 127 rigs have been added across the U.S.