Fri Mar 19, 2010 9:31pm GMT
NEW YORK, March 19 (Reuters) - The number of rigs drilling for oil in the United States rose 8 to 474 this week, gaining for the third time in four weeks, according to data from oil services firm Baker Hughes released on Friday.
The week's count extends the gains made since the beginning of February, when the number exceeded the previous post-1993 peak hit in November 2008 of 442, Baker Hughes data showed.
The continuing climb coincides with the recent jump in crude oil prices, from $69.50 a barrel on Feb. 5 to $83.16 on March 12, gaining $13.66, or nearly 20 percent, in that period.
This week's rig count is up a whopping 259, or 120 percent, from the 215 counted a year ago, data from the Houston-based firm showed.
The number of oil drilling rigs in the U.S. has recovered after hitting a four-year low of 179 in the week to June 5, 2009, the lowest since the week of July 5, 2005, according to the firm's historical weekly reports.
In June 2009, crude prices hit a low of $64.95. (Reporting by Gene Ramos; Editing by David Gregorio)
Source: http://uk.reuters.com/article/idUKN1917182720100319
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