US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US has gained by two to 550 units last week, according to Baker Hughes.

The total number of oil rigs increased by two over the week to 420, while gas rigs remained unchanged at 121.

There were also nine miscellaneous rigs in operation – the same as the previous week.

The total number of US oil and gas rigs was down by 35, or 6% lower compared to a year earlier.

By Aparupa Mazumder

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