Economics
Shale Drillers Add Oil Rigs for Longest Streak in a Year
- Permian Basin oil rigs rise by 5, Eagle Ford adds 4 rigs
- U.S. oil producers bring back rigs for sixth consecutive week
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U.S. oil drillers added rigs for the sixth-straight week, marking the longest period of expansion in a year as the shale patch revives from the worst downturn in a generation.
Rigs targeting crude in the U.S. rose by 7 to 381 in the past week, Baker Hughes Inc. said on its website Friday. Explorers have now added 51 rigs since June 24, expanding activity in nine of the past 10 weeks. The rise was prompted by a rebound in prices that peaked in June before falling off again.