US rig count grows for second straight week

The number of rigs extracting crude oil and natural gas in the US rose by two to 624 last week, Baker Hughes has reported.

PHOTO: Oilfield worker welds an end cap to a pipe as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images

Crude oil rigs rose by one to 502, after a rise in the biggest US oil field - the Permian Basin of Texas. The Permian oil rig count stood at 305 units last week. The US natural gas rig count also rose by one unit to 118 last week.

The total US oil and gas rig count was down by 147, or 19% from a year earlier.

By Debarati Bhattacharjee

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