US rig count gains

The total number of rigs drilling for crude oil and natural gas in the US increased by five to 593 units last week, according to Baker Hughes.

The number of oil rigs gained by one over the week to 455, and gas rigs moved four units higher to 128.

There were also 10 miscellaneous rigs in operation, the same as the previous week.

The total number of US oil and gas rigs was down by 54, or around 10%, compared to a year earlier.

By Aparupa Mazumder

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