U.S. drillers added 21 oil rigs in the week to March 24

According to the weekly report published by Baker Hughes, drillers in the U.S. added 21 more rigs in the week to March 24, highest increase since early January, bringing the total count up to 652. In a ten-month span since May 2016, the number of active oil rigs more than doubled, highlighting the increased shale production in the U.S. Following the data, the barrel of West Texas Intermediate is up 0.29% at $47.85.