US drillers add oil/gas rigs for first time in 12 weeks, Baker Hughes says

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US energy firms this week added oil and natural gas rigs for the first time in 12 weeks, per Baker Hughes report.

U.S. energy firms this week added oil and natural gas rigs for the first time in 12 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. How will this impact US drillers?

The oil and gas rig count, an early indicator of future output, rose by seven, its biggest weekly increase since December, to 544 in the week to July 18.

Despite this week’s rig increase, Baker Hughes said the total count was still down 42 rigs, or 7% below this time last year.

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Source: msn

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