Jun 22, 2016
Oil recovery turning corner with 13 new rigs
SAN ANTONIO - Energy companies brought out 13 more rigs actively drilling for oil and gas in Texas for the week of June 14-17 as oil prices rebounded to hover just...
SAN ANTONIO – Energy companies brought out 13 more rigs actively drilling for oil and gas in Texas for the week of June 14-17 as oil prices rebounded to hover just below $50 a barrel. 
This was the third consecutive week of rig count increases nationally and the largest three-week jump since July.
The number of oil rigs had sunk almost every week from August through the end of May, and has begun a slow turnaround, analysts contend.
“This is the beginning of the end of the oil market weakness,” said BP Chief Economist Spencer Dale. “The oil market has turned a corner.”
Texas’ Eagle Ford and Permian shale areas added four rigs each, while the Barnett shale in northern Texas added five rigs to its existing two, according to weekly data collected by Houston’s Baker Hughes oil field services company.
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