The number of oil rigs in the U.S. increased by 14 this week, according to the latest data released by oilfield services company Baker Hughes.
The number of oil rigs, an indicator of short-term production, rose by 14 to reach 673 for the week ending Jan. 17, from 659 the previous week.
This marked the first weekly increase in the oil rig count after three consecutive weeks of decline, Baker Hughes data released Friday showed.
The number of oil rigs in the U.S. is still 21% down year-over-year having amounted to 852 a year ago.
By Ovunc Kutlu