U.S. Oil Drillers Add Rigs in Longest Streak Since August
- Gain marks fourth straight weekly rise, Baker Hughes data show
- Analyst says momentum may slow as oil prices resume slide
Marcellus shale oil production in Bradford County, Penn.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
U.S. oil producers continue to revive drilling in the shale patch, adding rigs for the fourth consecutive week in the longest streak of increases since August.
Rigs targeting crude in the U.S. rose by 14 to 371, after 27 had already been added since the start of the month, Baker Hughes Inc. said on its website Friday. Natural gas rigs declined by 1 to 88, bringing the total for oil and gas up by 15 to 462.