Onshore drilling continues to spool up as oil remains near $50 per barrel
The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country bringing the total to 824. Oil prices continued to hold above $50 per barrel despite the increased rig activity which has created downward pressure on oil prices as more production in the U.S. offsets cuts from OPEC.

Eleven of the fifteen additional rigs this week were onshore, but there were also four added offs...

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