US oil rig count breaks loss streak

The number of rigs extracting crude oil and natural gas in the US rose by two to 618 last week, Baker Hughes has reported.

PHOTO: Oil field with pump jacks in the US. Getty Images

The number of oil rigs rose by six units to 500 last week, after falling for two consecutive weeks. The Permian oil rig count stood at 307 units last week.

On the other hand, the US natural gas rig count fell by four units to 114 last week – the lowest since the beginning of September. There were also four miscellaneous rigs in operation, which was unchanged from the prior week.

The total US oil and gas rig count was down by 164 from a year earlier.

By Debarati Bhattacharjee

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