U.S. energy firms this week increased the number of oil rigs operating for the f...
- U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.
Production has continued to rise despite the decline in the rig count because productivity has increased in most basins this year, meaning drillers are getting more oil and gas out of each new well even though they are operating fewer rigs. [EIA/RIG] U.S. crude futures CLc1 traded below $55 per barrel on Friday, putting the contract on track to rise for the first time in three weeks as expectations of further stimulus by central banks helped to ease recession concerns. [O/R]
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