US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US has gained by two to reach 539 units last week, according to Baker Hughes.

The total number of oil rigs gained by two over the week to 416, while gas rigs remained unchanged at 118.

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

The total number of US oil and gas rigs was down by 51, or about 8.6% lower, as compared to a year earlier.

By Aparupa Mazumder

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