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U.S. oil rig count jumps higher for 7th week

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Staff Writer | August 12, 2016
U.S. oil rig count
Oil exploration   A bit of recovery in oil prices

The U.S. oil rig count rose for the seventh-straight week last week, according to the latest data from Baker Hughes.

This week the rig count jumped by 15 to 396, the highest level since February 26. Last week, the rig count rose by 7 to 381, the highest total since March 18.

The rig count has been steadily ticking higher in recent weeks amid a bit of recovery in oil prices, though last week the price of oil fell below $40 briefly for the first time in months.

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