U.S. energy companies increased their oil and gas rig count for the second consecutive week this week for the first time since mid-September, energy services company Baker Hughes Co. said in its closely watched report on Friday.
Data show that in the week ended October 20, the number of oil and natural gas drilling rigs, a leading indicator of future production, increased by 2 to 624. Despite the increase for the week, the total rig count was still down 147 rigs, or 19%, compared to the same period last year.
In the week of the 20th, the number of U.S. oil rigs increased by one to 502. The number of natural gas drilling rigs increased by one to 118.
