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Baker Hughes U.S. Rig Count Spikes as Oil Rallies

Baker Hughes (BHI) said Friday, Aug. 12, that active U.S. rotary rigs were up for the seventh consecutive week to 481, a monster uptick of 17 rigs from last week's count of 464.

The results of the weekly rig report might not be a surprise to bullish investors who have seen the count climb more than 40 rigs in the past 6 weeks despite nascent commodity prices.

The uptick coalesces with the 18% rally oil prices have seen in the past two weeks, but could...


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