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The number of drilling rigs operating in the U.S. rose to the highest level since May even as oil prices failed for the first time in two months to post a weekly increase.
Oil and gas producers added two rigs over the past four days, following a surge of 8 rigs in the previous week and 15 in the week prior. The U.S. rig count is at 348, up more than 100 since hitting bottom in mid-August and the highest since May 8, according to the Houston oil field services company Baker Hughes and energy data firm Enverus.
Drilling activity has resumed in the oil patch as crude prices have climbed past $40 a barrel with the easing of coronavirus-driven restrictions on business and travel this summer.
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