UPDATE 1-U.S. drillers add most oil rigs since May -Baker Hughes [Reuters (UK)]
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Source: Reuters
U.S. drillers add most oil rigs since May: Baker Hughes | Reuters Reuters Staff 4 Min Read NEW YORK (Reuters) - U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That rig count increase occurred despite U.S. crude prices falling for a sixth week in a row for the first time since August 2015 on worries trade tensions between the United States and China could hurt oil demand. [O/R] More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there increased by six to 485, the most since January 2015. The U.S. rig count, an e
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