US oil and gas rig count climbs, highest since September

The number of rigs drilling for crude oil and natural gas in the US increased by three to 629 units last week, marking their highest level since September, last year, according to Baker Hughes.

PHOTO: An Oilfield worker welds an end cap to a pipe as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images

The number of oil rigs increased by three to 506, reaching their peak since September, although still 86 rigs fewer compared to the same period last year.

The US natural gas rig count dropped by one unit to 119. There were also four miscellaneous rigs in operation, up by one from the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by one unit to 315.

The total US oil and gas rig count was down by 120 rigs, or 16%, from a year earlier.

By Debarati Bhattacharjee

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