US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US increased by 5 to 549 units last week, according to Baker Hughes.

The number of oil rigs have gained by 6 over the week to 413, while gas rigs decreased by one to 129.

There were also seven miscellaneous rigs in operation – the same as a week earlier.

The total number of US oil and gas rigs was down by 40, or around 6.8% compared to a year earlier.

By Aparupa Mazumder

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