Commodities Buzz: US Oil Rig Count Hits Highest In Nearly 16 Months

The US energy firms added oil and natural gas rigs for a third week in a row. The oil and gas rig count, an early indicator of future output, rose three to 503 in the week to August 20, its highest since April 2020, energy services firm Baker Hughes Co noted in a latest update. The the total rig count is now nearly double from the same period last year. The US oil rigs rose eight to 405 last week, their highest since April 2020, while gas rigs fell five to 97, registering their biggest weekly decline in 16 months.

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