US oil rig count increases

The number of total rigs drilling for crude oil and natural gas rose by two to 588 units last week, according to Baker Hughes.

The number of oil rigs rose by three units to 485. Meanwhile, the natural gas rig count fell by one to 97. There were also six miscellaneous rigs in operation, unchanged from the previous week.

The total US oil and gas rig count was down by 66 rigs, or 10% from a year earlier.

By Debarati Bhattacharjee

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