US rig count rises

The total number of rigs drilling for crude oil and natural gas in the US increased by one to 548 units last week, according to Baker Hughes.

The number of oil rigs gained by two over the week to 410, while gas rigs declined by one to 129.

There were also nine miscellaneous rigs in operation – matching the previous week’s figures.

However, the total number of US oil and gas rigs was down by 30, or around 5% compared to a year earlier.

By Aparupa Mazumder

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