U.S. Oil Rig Count Rose Last Week - Bloomberg

U.S. Oil Rig Count Rose Last Week - Bloomberg:

Crude drilling increased in American fields even as explorers face the biggest quarterly drop in oil prices since 2014.

Working U.S. oil rigs rose by 10 this week to 883, according to data released Friday by oilfield services provider Baker Hughes. More than 100 additional rigs have been deployed across American fields this year.

It’s likely one of the last increases, said James West, an analyst at Evercore ISI, as oil prices remain at the lowest levels in more than a year. Given moves by companies including Diamondback Energy Inc. and Parsley Energy Inc. to rein in spending, “I would expect to see the rig count dip heading into the new year.”