Oil rig count rises for a 6th straight week

REUTERS/Balazs Koranyi

The US oil rig count increased by seven to 381 this week, according to driller Baker Hughes. 

That's the highest level since March 18.

The gas rig count fell by five to 81, and miscellaneous rigs fell by one to two, taking the total up one to 464.

Rig counts trail oil prices, and so the move higher suggests that producers became more comfortable with increasing production as oil prices rallied towards $50 per barrel into the middle of this year. 

Crude oil prices plunged 15% during the month, and returned into a bear market. After the rig-count release on Friday, West Texas Intermediate crude futures were down 1.2% to $41.41 per barrel. 

Here's the latest chart of the oil rig count, which shows the recent uptick:REUTERS/Balazs Koranyi

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