The number of oil and gas rigs operating in the US rose for a 19th consecutive week to 908, the highest level since April of 2015, according to the weekly tally by oil field services firm Baker Hughes (BHI). The North American total rose to 1,001 in the period to Friday from 986 a week ago, the company said. The Canada oil and gas count increased to 93 from 85 in the week.
Energy firms have been bringing rigs back online after crude recovered from its steep slide more than a year ago. On Friday, prices were steadying after Thursday’s drop amid an underwhelming Organization of the Petroleum Exporting Countries’ meeting in Vienna. While producers agreed to extend output cuts for another nine months, there was disappointment that they didn’t deepen the existing target to cut 1.8 million barrels a day.