US oil rig count jumps higher for the 7th-straight week

The US oil rig count rose for the seventh-straight week last week, according to the latest data from oil driller Baker Hughes out Friday.

This week the rig count jumped by 15 to 396, the highest level since February 26. Last week, the rig count rose by 7 to 381, the highest total since March 18.

The rig count has been steadily ticking higher in recent weeks amid what had been a bit of recovery in oil prices through the spring, though last week the price of oil fell below $40 briefly for the first time in months.

On Friday ahead of the rig count, oil prices were up over 2% to north of $44 a barrel.

More to come ...

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