(Bloomberg) — The number of rigs drilling for crude in the U.S. declined for the longest weekly streak in about five years as shale explorers shrugged off a recent jump in crude prices.
The number fell by six to 432 and has fallen for nine consecutive weeks, the longest series of declines since an 18-week drop in July 2020, according to data released Friday by Baker Hughes Co.
A recent spike in crude prices may have not been enough to convince large oil companies to add more rigs as they continue with a cautious approach, Bloomberg Intelligence analyst Scott Levine wrote in a note. However, activity may stabilize or increase if the benchmark price rally continues or intensifies, he added.