Oil rig count rises for 8th straight week

The US oil rig count rose for an 8th straight period by 11 to 443 this week, according to oilfield-services giant Baker Hughes.

The gas rig count increased by 3 to 108.

The oil rig count has increased since June as operators became more bullish on the market.

Oil prices have stabilised in a range of $40 to $50 per barrel, giving oilfield-services companies confidence to negotiate higher prices with their clients.

As of last week, the rig count had not dropped for 16 straight weeks, reflecting producers’ growing confidence as oil prices rebounded.

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