The US gas rig count breaks loss streak

The number of rigs extracting crude oil and natural gas in the US rose by six to 680 last week, after falling for nine consecutive weeks, Baker Hughes reported.

PHOTO: Oil field with pump jacks in the US. Getty Images

However, the oil rig count declined by five units to 540 last week, which was also the lowest level since April last year. The gas rig count jumped by 11 units to 135 last week.

The oil and gas rig count in the Permian Basin in Texas - the biggest American oil field – rose by one unit to 342.

Despite the rise in gas rig counts in the latest week, the US oil and gas producers have reduced drilling activity in recent weeks amid concerns looming concerns of a possible recession in the country. Brent crude prices fell for a record fourth-straight quarter and declined 6% in the quarter ended 30 June.

The total US rig count is down by 72 rigs, or 10%, from a year earlier.

By Debarati Bhattacharjee

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