US rig count rises

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

The number of oil rigs gained by five over the week to 415, while gas rigs declined by one to 128.

There were also eight miscellaneous rigs in operation – one lower than the previous week’s figures.

However, the total number of US oil and gas rigs was down by 25, or around 4.3% compared to a year earlier.

By Aparupa Mazumder

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