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U.S. Rig Count Reaches Highest Level in a Year

M. Ali 7 May, 2021 9:10 pm Commodities, Market Update

The number of active rigs drilling for crude oil and natural gas in the United States increase for the second consecutive week, according to data by Baker Hughes released on Friday.

The total rig count rose by eight to 448 during the week ended May 7, reaching its highest level in a year, since April 2020, and increasing by 74 rigs, or 20%, compared with the same period of last year.

Two oil rigs were added for the week to reach a total of 344.

Meanwhile, gas rigs rose by seven, registering their biggest rise since December 2018, to reach 103, which is the highest count since March 2020.

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