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US Oil-Rig Count Flat in Latest Week

Mohamed Abdelhamid 4 December, 2021 2:03 am Commodities, Market Update

The number of rigs drilling for oil in the US. was unchanged in the latest week at 467, according to oil-field services company Baker Hughes Co. The rig count was 221 rigs higher than last year when there were 246 active rigs, Baker Hughes said Friday.

The nation’s gas-rig count stood at 102, flat in the latest week. It was up by 27 compared with the same week last year. The US offshore-rig count was 13 this week, decreasing by two from last week and was unchanged from last year

The US oil-rig count is viewed as a proxy for activity in the sector. The metric last peaked at 1,609 in October 2014. Global oil benchmark Brent crude was up about $70 a barrel Friday. West Texas Intermediate crude, the US. benchmark, rose to around $67 a barrel.

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