Despite chaotic turns in the oil market in recent weeks, the U.S. oil industry comeback shows no sign yet of slowing down.
The number of rigs drilling for oil and gas across the nation climbed by 16 in the past week, marking the 18th consecutive weekly increase, Baker Hughes said Friday. The oil field service company’s go-to rig count has reached 901, up from a record low of 404 last May.
In the past week, drillers dispatched eight oil rigs and eight gas rigs to U.S. fields. They sent four to the Permian Basin in West Texas, bringing the figure there up to 361. Two rigs also began activity in the gas-rich Marcellus Shale in Pennsylvania, where the rig count reached 45.
The rig count in Texas climbed by eight to 458, up from a low of 173 last May. On Friday, U.S. crude prices climbed above $50 a barrel.