By Akin Oyedele

The US oil-rig count rose by eight to 720 this week, according to oilfield services giant Baker Hughes.

This extended the longest streak of rig additions since 2011, one week out to a crucial OPEC meeting that could impact global production levels.

The Organization of Petroleum Exporting Countries and other key producers will meet next week Friday to decide whether to extend the agreement reached last November to lower output.

After the data release on Friday, the June contract for West Texas Intermediate crude was trading up 1.86% at $50.30 per barrel, its highest level in about one month.

According to Baker Hughes, the gas-rig count rose by eight to 180. Miscellaneous rigs were unchanged at one, taking the total up 16 to 901 rigs.

Andy Kiersz/Business Insider

NOW WATCH: 9 phrases on your résumé that make hiring managers cringe

Please enable Javascript to watch this video

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

Source:: Business By Insider

LEAVE A REPLY