US rig count rises by 15, largest increase in 8 months

The US rig count jumped by 15 this week, the largest increase since May 2017, with oil prices surging past $63 a barrel, weekly data collected by Baker Hughes said.

Houston oilfield services company Baker Hughes reported that the number of oil rigs in US fields jumped by 10 to 752, while gas rigs increases by five to 187. The total, 939, was still 19 off its recent peak of 958, by the end of July 2017, Xinhua reported.

This count has risen 280 over this time last year, with oil rigs up 230, gas 51, and miscellaneous rigs down one.

According to this week's data, the Louisiana and New Mexico count rose by five rigs respectively, Oklahoma three, Colorado two, Utah and Alaska one each. Texas lost two rigs.

Meanwhile, the US oil prices leaped above $63 a barrel this week, closing Thursday at $63.80 a barrel, a rise of 23 cents.

--IANS

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