US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US increased by five to 554 units last week, according to Baker Hughes.

The number of oil and gas rigs have gained by two over the week to 419 and 127, respectively.

There were also eight miscellaneous rigs in operation – one more than a week earlier.

The total number of US oil and gas rigs was down by 29, or 5% compared to a year earlier.

By Aparupa Mazumder

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