US oil rig count increases

The number of total rigs drilling for crude oil and natural gas rose by three to 589 units last week, according to Baker Hughes.

The number of oil rigs rose by five to 482. Meanwhile, the natural gas rig count fell by two to 101. There were also six miscellaneous rigs in operation, unchanged from the previous week.

The total US oil and gas rig count was down by 75 rigs, or 11% from a year earlier.

By Debarati Bhattacharjee

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