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US Oil Rig Count Rises by Four This Week, Baker Hughes Says

The number of oil rigs operating in the US rose by four this week, according to data compiled by energy-services firm Baker Hughes (BKR).

The count rose to 495 in the seven days through Friday, Baker Hughes said. A year earlier, the US had 295 oil rigs in operation.

West Texas Intermediate futures rose 0.4% to $86.97 a barrel while international benchmark Brent popped 1% to $90.26 a barrel.

Oil and gas rigs in the US rose by six to 610. Gas was up two rigs at 115, the company's data showed. In the same period of 2021, there were 88 gas rigs and one miscellaneous rig in operation. Overall, there were 384 rigs operating a year ago.

Across North America, oil and gas equipment rose by 11 rigs to 827, up from 558 at the same point last year. In Canada, the count was up by five to 217, compared with 174 operating during the same period last year. Canada's oil rig rose by one to 135 while gas added four rigs to 84.

Among US states, top producer Texas added four rigs while Louisiana, Oklahoma, and Pennsylvania each gained one. New Mexico lost one rig.