US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US gained by seven to 544 units last week, according to Baker Hughes.

The total number of oil rigs fell by two over the week to 422, while gas rigs gained by nine to 117.

There were also five miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 42, or about 7.2% lower, as compared to a year earlier.

By Aparupa Mazumder

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