Oil Explorers Push U.S. Drilling to Pace Last Seen in 2015
- Rig count in U.S. fields rises for eighth time in nine weeks
- U.S. oil benchmark approaching 2018 high above $66 a barrel
Pumpjacks operate as a drill rig sits on a well pad in the Bakken Formation in Williston, North Dakota, U.S., on Thursday, March 8, 2018.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Crude explorers boosted drilling activity in U.S. oil fields to levels not seen in three years amid rising confidence that worldwide demand will keep energy prices elevated.
U.S. working rigs targeting oil rose by four this week to 804, the highest since late March 2015, according to data from Baker Hughes. West Texas Intermediate crude, the American benchmark, flirted with $66 a barrel this week for the first time since early February amid a confluence of bullish, international supply and demand indicators.