U.S. drillers add oil and gas rigs for 7th week in a row – Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row as higher energy prices have prompted producers to pull more fuel out of the ground in recent months. The oil and gas rig count, an early indicator of future output, rose nine to 360 in the week to Jan. 8, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Despite the gains in recent months, that count was still 421 rigs, or 54%, below this time last year.

U.S. oil rigs rose eight to 275 this week, their highest since May, while gas rigs rose one to 84, their highest since April, according to Baker Hughes data.

U.S. drillers add oil and gas rigs for 7th week in a row – Baker Hughes