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US Oil Rigs Rise for First Time in Four Months

M. Ali 24 July, 2020 10:28 pm Commodities, Market Update

Oil rigs in the United States increased by one rig last week to a total of 181 active rigs, according to data by Baker Hughes.

This is the first increase in oil rigs since mid-March, with recent declines attributed to lower oil prices amidst decreased demand because of the COVID-19 crisis.

Meanwhile, natural gas rigs decreased by three to 68 rigs, their lowest level on record.

Accordingly, the number of oil and natural gas rigs declined for the 12th consecutive week.

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