The U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices.

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 13 to 373.

The oil and gas rig count has risen for eight weeks in a row for a total gain of 63.

The oil rig count increased by 12 this week, while the number of gas rigs increased by 1. The number of miscellaneous rigs was unchanged.

Total oil and gas rigs in the United States are now down by 386 compared to this time last year, just a handful of days before the first case of the mysterious China virus was discovered to have infiltrated the United States.

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Source: Oil Price