The price of oil has climbed up from its winter low, but once again fell below $50 a barrel on Friday.
Crude prices have nearly doubled since reaching their lowest point in more than a decade in February. In response, companies are starting to increase drilling activity. Oilfield services company Baker Hughes reports the number of rigs drilling for oil went up by three last week, although total U.S. rig count is just half of what it was this time last year.
Prices have rallied, in part, because of growing global demand, falling U.S. production, and oil supply disruptions. Production has been interrupted by attacks on oil and gas infrastructure in Nigeria, for example, and wildfires in Alberta, Canada.
