US oil rig count reaches six-month high

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

PHOTO: Oil fracking drill rig in the Permian Basin in West Texas, US. Getty Images

The number of oil rigs increased by six to 510, reaching their highest level since September, although there are still 79 fewer rigs compared to the same period last year.

The US natural gas rig count rose by one unit to 116. There were also three miscellaneous rigs in operation, the same as the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by three units to 316.

The total US oil and gas rig count was down by 125 rigs or 16.6%, from a year earlier.

By Debarati Bhattacharjee

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