US oil rig count rises

The total number of rigs drilling for crude oil and natural gas in the US increased by four to 586 units last week, according to Baker Hughes.

The total number of oil rigs grew by one to 480, and gas rigs gained by two to 100 on the week.

There were also six miscellaneous rigs in operation, one higher than the previous week.

The total number of US oil and gas rigs was down by 37, or decreased by 5.9%, from a year earlier.

The US Energy Information Administration (EIA) has forecast US crude oil production to rise this year and hit 13.6 million b/d.

By Aparupa Mazumder

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