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Oil rig count climbs by 9

Akin OyedeleNov 4, 2016, 22:33 IST

Three oil and gas rigs owned by Transocean Ltd sit idle in the Grand Harbor in Valletta, Malta October 22, 2015.REUTERS/Balazs Koranyi

The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.

Last week, the oil rig count fell for the first time in four months, by two to 441. The rebound during those months was small compared to the plunge after the oil crash, as producers cut costs.

Hopes of a recovery, or at least a stabilization of prices in the $40-$50 per barrel range, raised demand for drillers' services.

Last week, miscellaneous rigs were unchanged at two, while the gas rig count rose six to 114, taking the total up four to 557.

More to come ...

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