US oil rig count climbs for a 2nd straight week

The US oil rig count this week rose by 10 to 351, the highest count since April 15, according to oilfield-services giant Baker Hughes.

The number of gas rigs fell by 1 to 88, and miscellaneous rigs were unchanged at 1, taking the total up 9 to 440.

Last week, the oil-rig count jumped by the most in six months. It climbed by 11, as the gas rig count also fell by 1, taking the total up by 10.

The increase in oil rigs last week was driven by a rise in the more efficient horizontal rigs, as well as in vertical rigs, amid a small decline in directional rigs.

Crude oil prices slipped to a two-month low on Thursday after data from the Energy Information Administration showed that inventories fell last week by less than analysts had estimated.

Ahead of the rig-count data on Friday, West Texas Intermediate crude futures in New York are up 0.4% to $45.33 per barrel.

Here’s the latest chart of oil rigs:

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