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U.S. oil rig count rose by seven to 425 this week

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Staff Writer | Friday September 30, 2016 1:55PM ET
U.S. oil rig count
Oil exploration   The oil-rig count has not fallen during the last 14 weeks

The count of active oil rigs in the U.S. rose by seven to 425 this week, according to Baker Hughes.


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The gas rig count increased by four to 96. With the count of miscellaneous rigs unchanged at one, the total rig count rose 11 to 522.

The oil-rig count has not fallen during the last 14 weeks, the longest streak since before oil prices started slumping in 2014. The tally is now at the highest level since the week of February 12.

After the oil crash started, drillers were forced to cut costs in various ways, including reducing the number of active rigs.

 

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