Despite a decline in US crude futures to one-month lows to under $47 this week, analysts and producers have said oil over $50 was a key level that would trigger a return to the well pad and drilling permits are a leading indicator of future drilling.
Drillers added nine oil rigs in the week to 17 June, bringing the total rig count up to 337, compared with 631 a year ago, energy services firm Baker Hughes said.
