The number of oil rigs in the U.S. increased by 3 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 3 to reach 676 for the week ending Jan. 24, from 673 the previous week.
This marked the second 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 21.58% down year-over-year having amounted to 862 a year ago.
By Firdevs Yuksel