US oil rig count ticks up by 9

The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.

Last week, the oil rig count fell for the first time in four months, by two to 441. The rebound during those months — the longest streak since the oil crash — was small compared to the plunge that preceded it. There are 112 fewer active oil rigs compared to a year ago.

Hopes of a recovery, or at least a stabilisation of prices in the $40-$50 per barrel range, raised demand for drillers’ services in recent months.

The tally of gas rigs rose by three to 117, and miscellaneous rigs were unchanged at two, taking the total rig count up by 12 to 569.

NOW WATCH: A hacker reveals a simple way to come up with a strong password that’s easy to remember

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.