Oil rig count rises for 5th straight week

The US oil rig count rose by three to 374 this week, according to driller Baker Hughes.

The count rose last week by 14. It has moved higher since mid-May, as rising oil prices preceding that period encouraged producers to bring rigs online.

Gas rigs fell by two, taking the total count up one to 463.

Friday’s data come right after crude oil slipped into a bear market – defined as a 20% drop from recent highs – amid renewed concerns about the high level of US inventories.

This is the latest chart showing the oil-rig count:

source
Andy Kiersz/Business Insider