UPDATE 1-U.S. oil drillers add rigs despite crude prices collapse -Baker Hughes

(Adds rigs per basin)
By Scott DiSavino
Aug 7 (Reuters) - U.S. energy firms added six oil rigs this
week, continuing a recent trend of increases, even after U.S.
crude oil prices plunged 25 percent from a recent high in June,
data showed on Friday.
That was a sign some drillers followed through on plans to
add rigs announced in May and June when U.S. crude futures
CLc1 averaged $60 a barrel. U.S. crude futures so far this
week however have traded around $45.
The rig count gain this week was the third increase in a
row, the longest winning streak since September 2014, bringing
the total rig count up to 670, the highest since early May, oil
services company Baker Hughes (NYSE:BHI) Inc BHI.N said in its closely
followed report.
Drillers added oil rigs in three of the four major U.S.
shale oil basins, with five in the Permian in West Texas and
eastern New Mexico and one each in the Bakken in North Dakota
and Montana and the Eagle Ford in South Texas. The number of oil
rigs operating in the Niobrara basin in Colorado and Wyoming
held steady at 24.
U.S. crude futures were on track for a sixth down week in a
row, the longest losing streak since January. U.S. crude futures
were little changed at down 1.3 percent on Friday after Baker
Hughes released its report.
Analysts said U.S. crude futures were trading at their
lowest level since March on lackluster global demand growth and
lingering oversupply concerns.
Over the past month some of that surplus crude has been
turned into refined products. Stocks of crude oil and refined
products in the United States are near their highest levels
since the early 1990s, while gasoline futures RBc1 on Friday
traded at their lowest level since February as the summer
driving season winds down. O/R
Analysts noted the expected reaction to low oil prices was a
reduction in supply and an increase in demand. U.S producers did
cut spending, eliminate thousands of jobs and idle around 60
percent of the record high 1,609 oil rigs that were active in
October in reaction to a near 60 percent U.S. oil price collapse
from $107 in June 2014 to under $44 in January.
But, despite the spending cuts, U.S. crude production last
week edged up to 9.5 million barrels per day, near its highest
level since the early 1970s, according to government data.