US rig count increases

The total number of rigs drilling for crude oil and natural gas in the US gained by five to 551 units last week, according to Baker Hughes.

The number of oil rigs increased by one over the week to 412, and gas rigs gained by five to 130.

There were also 9 miscellaneous rigs in operation – one less than the week earlier.

The total number of US oil and gas rigs was down by 35, or around 6% compared to a year earlier.

By Aparupa Mazumder

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