Oil drilling activity in the U.S. is burgeoning. The count of working oil rigs in the country increased by 10 this week to peak at 869 - their highest point so far this year, according to data from Baker Hughes.
Since January, U.S. rig fleet has grown by more than 115 rigs since January. This should mitigate supply concerns following U.S. President Donald Trump’s restoring of sanctions on Iran and withdrawing from the nuclear deal with the nation.