US rig count inches higher

The total number of rigs drilling for crude oil and natural gas in the US has gained by one to reach 537 units last week, according to Baker Hughes.

The total number of oil rigs gained by two over the week to 414, while gas rigs fell by one to reach 118.

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

The total number of US oil and gas rigs was down by 45, or about 8% lower, as compared to a year earlier.

By Aparupa Mazumder

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