The US oil-rig count increased by six to 703 this week, according to oilfields-services giant Baker Hughes.
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Oil-rig count climbs for 16th straight week
The release comes at the end of an eventful week for commodities in which oil prices fell to the lowest level since last November.
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That's the highest level since the week of April 24, 2015.
The number of gas rigs rose by two to 173. One miscellaneous rig went offline, leaving one in use and taking the combined rig count up by seven to 877.
The data come at the end of an eventful week for commodities in which oil prices fell to the lowest level since November.
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West Texas Intermediate crude oil futures, the US benchmark, fell below its 200-day moving average — a signal to technical traders that the upward trend may have reversed. That prompted more selling.
Additionally, oil watchers remained concerned about the high level of inventories and the resurgence of shale-oil production weeks before OPEC decides whether to extend its deal to cut production.
The oil-rig count rose by nine last week.
West Texas Intermediate crude oil, the benchmark for US prices, was up 1% to $46.29 per barrel after the data release. It was headed for a 6.28% weekly drop.
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