US oil rig count moves higher

The total number of rigs drilling for crude oil and natural gas in the US gained by six to 582 units last week, according to Baker Hughes.

The number of oil rigs grew by seven to 479, while the total number of gas rigs fell by one to 98 on the week.

There were also five miscellaneous rigs in operation, the same as the previous week.

The total number of US oil and gas rigs was down by 37, or 5.9% from a year earlier.

The US Energy Information Administration (EIA) has forecast US crude oil production to rise this year and hit 13.6 million b/d.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online