US rig count surges

The total number of rigs drilling for crude oil and natural gas in the US increased by seven to 558 units last week, according to Baker Hughes.

The number of oil rigs gained by 10 over the week to 425, while gas rigs declined by three to 125.

There were also eight miscellaneous rigs in operation – the same as the previous week’s figures.

However, the total number of US oil and gas rigs was down by 8, or around 1.4% compared to a year earlier.

By Aparupa Mazumder

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