Oil companies push U.S. drilling to pace last seen in 2015

By Bailey Schulz on 3/23/2018

NEW YORK (Bloomberg) -- Crude companies boosted drilling activity in U.S. oil fields to levels not seen in three years amid rising confidence that worldwide demand will keep energy prices elevated.

U.S. working rigs targeting oil rose by four this week to 804, the highest since late March 2015, according to data from Baker Hughes. West Texas Intermediate crude, the American benchmark, flirted with $66/bbl this week for the first time since early February amid a confluence of bullish, international supply and demand indicators.

Oil output in the U.S. rose by 26,000 bpd last week to 10.4 MMbpd, according to the Energy Information Administration.

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