Brocker.Org: Oil-rig count rises for 18th straight week

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The US oil-rig count rose by eight to 720 this week,
according to oilfield services giant Baker Hughes. 

This extended the longest streak of rig additions since 2011, one
week out to a crucial OPEC meeting that could impact global
production levels. 

The Organization of Petroleum Exporting Countries and other key
producers will meet next week Friday to decide whether to extend
the agreement reached last November to lower output. 

After the data release on Friday, the June contract for West
Texas Intermediate crude was trading up 1.86% at $50.30 per
barrel, its highest level in about one month. 

According to Baker Hughes, the gas-rig count rose by eight to
180. Miscellaneous rigs were unchanged at one, taking the total
up 16 to 901 rigs. Andy Kiersz/Business Insider

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