U.S. Oil Rig Count Rises to Highest Level Since 1993

(Bloomberg) — Crude oil rigs operating in the U.S. increased this week to the highest level in 16 years as drilling rose in Texas and the Dakotas, according to data published by Baker Hughes Inc.

Oil rigs rose by seven to 444, the highest level since the week ended Dec. 17, 1993. The count has more than doubled since June, when it bottomed out at 179.