Chart: U.S. Rig Count Back To 2015 Numbers

by: Global X ETFs

Between January 20th and January 27th, the US rig count increased by 18, surpassing 700 total rigs for the first time since the end of 2015 and completing the recovery for rigs lost during the first half of 2016 when oil touched $26/barrel. Rising rig counts indicate increasing investment by energy companies to extract oil and can be a leading indicator for oil production.

Source: Baker Hughes. Data from 12/31/2015 to 1/27/2017.

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