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U.S. drillers add oil and gas rigs for seventh week

Feb 25, 2022

U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since February 2021 after crude prices this week soared to their highest since 2014.

The oil and gas rig count, an early indicator of future output, rose 10 to 645 in the week to Feb. 18, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI Baker Hughes said that puts the total rig count up 248 rigs, or 62%, over this time last year.

U.S. oil rigs rose by four to 520 this week, their highest since April 2020, while gas rigs rose six, their biggest weekly gain since May 2021, to 124, their highest since December 2019.

U.S. crude futures rose close to $96 per barrel this week, their highest since September 2014.

The combined rig count has climbed for a record 18 months in a row as oil prices gained about 21% so far this year after soaring 55% in 2021.

U.S. drillers add oil and gas rigs for seventh week