US rig count increases

The total number of rigs drilling for crude oil and natural gas in the US has gained by seven to reach 549 units last week, according to Baker Hughes.

The total number of oil rigs gained by six over the week to 424, while gas rigs decreased by one to 117.

There were also eight miscellaneous rigs in operation, two higher than the previous week.

The total number of US oil and gas rigs was down by 38, or about 6% lower, compared to a year earlier.

By Shilpa Sharma

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