By Akin Oyedele

REUTERS/Balazs Koranyi

Oilfield-services giant Baker Hughes will release its weekly tally of US oil and gas rigs at the top of the hour.

The oil-rig count has increased since June as operators became more bullish on the market. Oil prices have stabilized in a range of $40 to $50 per barrel, giving oilfield-services companies confidence to negotiate higher prices with their clients.

As of last week, the rig count had not dropped for 16 straight weeks, reflecting producers’ growing confidence as oil prices rebounded.

Last week, the tally rose for a 7th straight week, by four to 432. The gas rig count rose by 11 to 105, taking the total up to 539.

More to come …

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Source:: Business By Insider