US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US has increased by five to 548 units last week, according to Baker Hughes.

The number of oil rigs moved higher by two over the week to 411, and gas rigs gained by three to 130.

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

The total number of US oil and gas rigs was down by 42, or around 7% compared to a year earlier.

By Aparupa Mazumder

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