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US Crude Oil Rigs Reached Multiyear Highs

Gordon Kristopher
US Crude Oil Rigs Reached Multiyear Highs

Baker Hughes, a GE Company (BHGE), released its weekly US crude oil rig count report on May 4. Baker Hughes reported that US crude oil rigs increased by nine to 834 on April 27–May 4. US oil rigs were at the highest level since March 13, 2015. The rigs also have risen by 131 or ~18.6% year-over-year.