Oh, by the way. The US oil rig count has gone up for 23 straight weeks

U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week’s decline to a 10-month low.

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Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday.

That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016.

“The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher,” said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two.

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