U.S. Oil Explorers Return to Parking Rigs as Supplies Build
The Market Trends That Might Signal Oil Has Bottomed
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Explorers once again idled drilling rigs in U.S. oilfields as crude inventories continue climbing, boosted by a surge in imports.
Rigs targeting oil in the U.S. fell by 15 to 372, after one rig was added last week, Baker Hughes Inc. said on its website Thursday. More than 150 have been parked since the start of the year. Natural gas rigs gained 3 to 92, bringing the total down by 12 to 464.