U.S. oil explorers increased the number of drilling rigs this week by the most in a year as domestic crude production roared toward unprecedented highs.
Working rigs drilling for American crude rose by 26, bringing the total to 791, the biggest one-week increase since Jan. 20, 2017, according to Baker Hughes data released Friday. Despite the worst weekly drop in crude prices in almost a year, prices remained close to $60 a barrel, high enough to entice drillers to boost production and use financial instruments to lock in future profits. Read More
