The number of active drilling rigs targeting oil in the US increased for the first time in over four months last week, according to data from oil-field services firm Baker Hughes. Baker Hughes' data show that the US oil rig count grew by one in the week ending Jul. 24 to a total of 181. The addition of a single oil rig marks an end to the dramatic collapse in US oil drilling that began in mid-March as the coronavirus pandemic ravaged global economic activity and oil demand, causing a historic crash in prices and forcing shale producers to frantically cut costs. The US oil rig count fell by nearly 75% during the 18-week plunge to lows last seen before the shale revolution began over a decade ago. And despite last week's uptick and slowly but steadily recovering oil prices, a consistent return to oil drilling growth in the US still faces significant headwinds.
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