US rig count surges

The total number of rigs drilling for crude oil and natural gas in the US increased by 10 to 573 units last week, according to Baker Hughes.

The number of oil rigs increased by seven over the week to 440, and gas rigs gained by three to 125.

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

The total number of US oil and gas rigs was up by 26, or around 4.8% compared to a year earlier.

By Aparupa Mazumder

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