US oil rig count breaks loss streak

The number of rigs extracting crude oil and natural gas in the US rose by three to 622 last week, after falling for three consecutive weeks.

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

Crude oil rigs rose by four to 501, after a rise in the biggest US oil field - the Permian Basin of Texas. The Permian oil rig count stood at 304 units last week.

However, the US natural gas rig count fell by one unit to 117 last week.

The total US oil and gas rig count was down by 147, or 19% from a year earlier.

By Debarati Bhattacharjee

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