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US Oil Rigs Rise for Fifth Week in Row

M. Ali 7 November, 2020 12:38 am Commodities, Market Update

Oil and natural gas rigs in the United States increased for the eighth consecutive week, according to Friday’s weekly report by Baker Hughes.

This is the first time that oil rigs increased at this rate since June 2018, amid output cuts and price fluctuations.

Oil and gas rigs rose by four to a total of 300 this week, reaching its highest level since May.

As for oil rigs alone, an increase of five led to a total of 226 for the week ending on November 6.

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