US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US has gained by two to 553 units last week, according to Baker Hughes.

The number of oil and gas rigs moved higher by one over the week to 412 and 133, respectively.

There were also eight miscellaneous rigs in operation – same as the previous week.

The total number of US oil and gas rigs was down by 39, or around 6.6% compared to a year earlier.

By Aparupa Mazumder

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