US oil rig count ends 2017 up over 40%

OilReuters

Can oil prices go even higher?

The Schork Report publisher Stephen Schork on the state of the oil and gas markets.

Dec 29 (Reuters) - The U.S. oil rig count rose by about 42 percent by end-2017 compared to the levels seen during the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices.

Continue Reading Below

Drillers held the number of oil rigs steady for a second straight week at 747 in the week to Dec. 29. That was 222 more than the 525 rigs at the end of 2016, General Electric Co's Baker Hughes Inc energy services firm said on Friday.

(Reporting by Vijaykumar Vedala in Bengaluru; Editing by Meredith Mazzilli)