US oilfield services companies added rigs for a 20th straight period last week, underscoring the sustained demand from shale producers.
The oil-rig count rose by 11 to 733, the biggest jump in seven weeks, Baker Hughes’ weekly report said. The count of gas rigs increased by three to 182. The count of miscellaneous rigs was unchanged at two, taking the total rig count up by eight to 916.
Crude oil fell on Friday after the US withdrew from the Paris Climate Accord, amid speculation that this could increase production of non-renewable energy sources. Even before President Donald Trump announced the withdrawal on Thursday, some analysts had been concerned that any cuts by OPEC countries will be negated by increased shale production in the US.
Brent crude oil dropped below $50 on Friday for the first time since May 10th.
- Andy Kiersz/Business Insider