U.S. oil rig count jumps up by a dozen, after 29 consecutive weeks of declines

The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines. The number of actively drilling oil rigs jumped by 12 this week after several weeks of small decreases, which had indicated the streak of rigs being taken offline was nearing its end. The overall rig count, however, only grew by three rigs, because nine rigs drilling mostly for gas were taken out of service, according to data from oil services provider Baker Hughes. That is a switch from last week when three oil rigs were lost, but the gas-focused rigs increased by five. There were no major shifts in certain parts of the country. The rig count increased by three in Texas’ Eagle Ford Shale and grew by just one in the Permian Basin, according to the Baker Hughes count. The first increase in oil rigs this year comes in the same week that oil prices took their biggest single-day dip in two months on Wednesday, in response to increased U.S. inventories and another production hike from members of the Organization of the Petroleum Exporting Countries...more