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U.S. oil rigs up by four, stockpiles of crude down unexpectedly

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Staff Writer | November 24, 2016
The number of oil rigs in operation in the U.S. climbed for a fourth consecutive week as crude oil futures held their ground.
U.S. oil rigs increase
Oil exploration   Onshore oil rigs in operation increased to 474
Onshore oil rigs in operation increased by three to 474, according to data from Baker Hughes, to reach their highest level since late January, but they remained 81 below the level of a year ago.

Stockpiles of crude oil in the U.S. shrank unexpectedly during the latest reference week, albeit alongside a large drop in purchases from overseas.

Commercial crude oil inventories dropped by 1.3m barrels a day during the week ending on November 18, according to the Energy Information Administration, the U.S. Department of Energy's statistical arm.