US rig count rises

The total number of rigs drilling for crude oil and natural gas in the US increased by four to 562 units last week, according to Baker Hughes.

The number of oil rigs gained by four over the week to 429, while gas rigs remained unchanged at 125.

There were also eight miscellaneous rigs in operation – the same as the previous week’s figures.

However, the total number of US oil and gas rigs was down by 1, or around 0.2% compared to a year earlier.

By Aparupa Mazumder

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