Oil rig count rises for 8th straight week

source
REUTERS/Jim Urquhart

The US rig count jumped by 13 to 523 this week, according to oilfield-services company Baker Hughes.

The oil rig count is about 13 rigs away from recovering all the losses recorded this year. The addition of rigs in recent weeks, in response to more stable oil prices, has already proven to be a streak not seen since prices crashed two years ago.

Gas rigs increased by three to 129, and miscellaneous rigs were unchanged at one, taking the total up by 16 to 653.

Last week, the oil rig count jumped by 12.

West Texas Intermediate crude oil futures traded lower but little changed on Friday, down 0.2% to $52.84 per barrel on a quiet day for global markets.

source
Elena Holodny/Business Insider, data from Baker Hughes