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U.S. drillers add oil rigs for first week in three

Christian Fernsby |
U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks.

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Companies added one oil rig in the week to June 21, bringing the total count to 789, General Electric’s Baker Hughes sai.

That compares with 862 rigs operating during the same week a year ago.

The rig count, an early indicator of future output, has declined over the past six months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.

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