US rig count hits eight-week high

The number of rigs drilling for crude oil and natural gas in the US increased by four to 623 units last week – the highest in eight weeks, according to Baker Hughes.

PHOTO: Oil field with pump jacks in Bakersfield, US. Getty Images

The number of oil rigs remained unchanged for the third consecutive week in a row, at 499. However, the US natural gas rig count rose by four units to 121—the highest since September last year. There were also three miscellaneous rigs in operation - unchanged from the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by two units, from 311 to 313.

The total US oil and gas rig count was down by 138 rigs, or 18% from a year earlier.

By Debarati Bhattacharjee

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