US oil and gas rig count climbs up

The number of total rigs drilling for crude oil and natural gas rose by eight to 590 units last week, according to Baker Hughes.

The number of oil rigs rose by five to 488, after remaining stagnant for four consecutive weeks, while gas rigs rose by three to 97.

There were also five miscellaneous rigs in operation, unchanged from the week prior.

The total number of US oil and gas rigs was down by 51, or 8%, from a year earlier.

By Debarati Bhattacharjee

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