US Oil Rig Count Surges to Highest Since November 2015

The US oil rig count rose for the 11th time in 12 weeks, jumping by 29 to the highest since the period ending Nov. 25, 2015, Baker Hughes (BHI) data showed on Friday.

The tally compares to 510 in the same period a year ago, while the oil and gas total for the week was up by 35 to 694 versus 637 a year earlier. The North American oil and gas total rose by 62 in the week to 1,036, ahead of the count in the same period of 2016 of 887.

US oil futures have jumped 47% over the past 12 months as crude recovered from its slide to below $30 a barrel. The recovery in prices has prompted many producers to bring rigs back on line.

Most of the gains this week in the US came in Texas, which saw its rig count rise by 17. Oklahoma added seven and three came on in North Dakota. The Texas-New Mexico Permian basin, the most prolific field in the US, had 13 rigs added.