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And the oil keeps on gushing.

US drillers added oil rigs for the 12th consecutive week, taking the number of active oil rigs to 672 — a 90 per cent increase from a year ago and the highest level since August 2015.

US oil producers brought 10 oil rigs back online last week, oilfield services company Baker Hughes said on Friday. Drillers have now added oil rigs every week this year barring one.

Crude prices — which have been rallying today on supply disruption fears after the US launched a missile strike against Syria — held onto their gains following the report.

Brent crude, the global benchmark, is trading 0.6 per cent high at $55.12 a barrel, down slightly from the $55.31 a barrel it was trading at ahead of the release. West Texas Intermediate is up 0.9 per cent at $52.17 a barrel.

Copyright The Financial Times Limited 2017. All rights reserved.

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