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U.S. drillers add rigs for second week in a row

Christian Fernsby |
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row.

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The rig count, however, was still down 92, or 10%, since the start of the year.

Companies added four oil rigs in the week to June 28, bringing the total count to 793, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. RIG-OL-USA-BHI

That compares with 858 rigs operating during the same week a year ago.

For the month, drillers cut seven rigs, their seventh consecutive cut. That is the most monthly declines in a row since May 2016 when the rig count fell for a record nine months.

For the quarter, drillers cut 23 active rigs after cutting 69 rigs in the first quarter.

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