US oil rig count gains

The total number of rigs drilling for crude oil and natural gas in the US increased by four to 592 units last week, according to Baker Hughes.

The total number of oil rigs surged by seven to 488, while gas rigs fell by two to 99 on the week, respectively.

There were also five miscellaneous rigs in operation, one lower than the previous week.

The total number of US oil and gas rigs was down by 34, or decreased by 5.4%, from a year earlier.

By Aparupa Mazumder

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