- David McNew/Getty
The number of active US oil rigs rose by two to 416 this week, according to oilfield-services giant Baker Hughes.
The tally of gas rigs fell by three to 89, and miscellaneous rigs fell by one, taking the total count down two to 506.
The oil-rig count has climbed in 11 out of the last 12 weeks, the longest streak since early 2014, before the oil crash.
Last week, the oil rig count rose by seven. The gas-rig count increased by four, and miscellaneous rigs were unchanged at two.
Analysts have cited the recent gain in the oil-rig count as one sign that the market may remain oversupplied for a while longer. In a note last week Friday, Morgan Stanley’s Head of Energy Commodity Research Adam Longson wrote that his team’s conviction in a rebalancing by mid-2017 was falling, in part due to the activation of rigs.
After the release, West Texas Intermediate crude oil futures in New York remained lower in trading, down 2% to $42.95 per barrel. Earlier this week, the International Energy Agency said it expected the oil market to remain oversupplied for longer than it had forecast.
Here’s the latest chart of the oil-rig count:
- Andy Kiersz/Business Insider