US rig count grows

The total number of rigs drilling for crude oil and natural gas in the US increased by three to 545 units last week, according to Baker Hughes.

The number of oil rigs have gained by three over the week to 409, while gas rigs have remained unchanged at 127.

There were also nine miscellaneous rigs in operation – matching numbers from a week earlier.

The total number of US oil and gas rigs was down by 44, or around 7.5% compared to a year earlier.

By Aparupa Mazumder

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