US oilfield-services companies added oil rigs for a 20th straight period last week, underscoring the sustained demand from shale producers.
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US oil-rig count rises for 20th straight week, Baker Hughes says
The oil-rig count rose by 11 to 733, the biggest jump in seven weeks.
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The oil-rig count rose by 11 to 733, the biggest jump in seven weeks, Baker Hughes' weekly report showed. The count of gas rigs fell by three to 182. The count of miscellaneous rigs was unchanged at two, taking the total rig count up by eight to 916.
Crude oil fell on Friday after the US withdrew from the Paris Agreement, amid speculation that this could increase production of non-renewable energy sources. Even before President Donald Trump announced the withdrawal on Thursday, some analysts had been concerned that
Brent crude oil dropped below $50 on Friday for the first time since May 10th.
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