US rig count rises

The total number of rigs drilling for crude oil and natural gas in the US increased by one to 544 units last week, according to Baker Hughes.

The number of oil rigs declined by three over the week to 407, while gas rigs moved higher by four to 129.

There were also eight miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 43, or around 7% compared to a year earlier.

By Shilpa Sharma

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