The total rig count in the US rose to 68 in the week ended 16 November , the highest level since March 2015 , with more rigs added this quarter , according to a report by Baker Hughes . They say the rig count is rising as companies are looking to take advantage of higher oil prices , yet Brent crude trading at $ 57 , its lowest since November 2017 , amid concerns about oversupply .
The total rig count in the US rose to 888 in the week ended 16 November, the highest level since March 2015, with 25 rigs added this quarter, according to a report by Baker Hughes. Analysts said the rig count is rising as companies are looking to take advantage of higher oil prices, yet Brent crude trading at $57, its lowest since November 2017, amid concerns about oversupply.