U.S. drilling reaches high in U.S. as global disruptions mount

By Chibuike Oguh on 8/10/2018

NEW YORK (Bloomberg) -- U.S. oil producers expanded drilling this week, moving to fill in a gap left by supply disruptions around the globe.

U.S. working oil rigs rose by 10 this week to 869, reaching their highest point so far this year, according to data from Baker Hughes. America’s rig fleet has grown by more than 115 rigs since January.

The U.S. government slapped a round of sanctions on Iran this week following President Donald Trump’s decision to withdraw from a landmark nuclear deal with the Islamic republic. The new sanctions heightened oil supply concerns as more restrictive measures targeting Iran’s oil exports are scheduled to take effect in November.

Crude output in the U.S. fell by 100,000 bpd to 10.8 million last week, according to the Energy Information Administration.

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