Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said March 17. During the same week a year ago, there were 387 active oil rigs.The rig count increase came despite a collapse in crude futures over the past two weeks to a more than three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher.U.S. crude futures were at about $49 a barrel on March 17, set for a modest weekly rise after falling 9% last week on concerns production cuts by OPEC was failing to reduce a global glut as U.S. shale producers crank up activity.
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