US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US increased by one to 588 units last week, according to Baker Hughes.

The number of oil rigs gained by one over the week to 451, while gas rigs remained unchanged at 127.

There were also 10 miscellaneous rigs in operation, the same as the previous week.

The total number of US oil and gas rigs was up by 48, or around 9% compared to a year earlier.

By Aparupa Mazumder

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