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U.S. oil rig count soars this week

Staff Writer |
In the week ended May 25, 2018, the number of land rigs drilling for oil in the United States totaled 859, up by 15 compared to the previous week and 137 more compared with a total of 844 a year ago.

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Including 198 other land rigs drilling for natural gas and two listed as miscellaneous, there are a total of 1,059 working rigs in the country, 13 more week over week and up by 151 year over year.

The data come from the latest Baker Hughes North American Rotary Rig Count.

The natural gas rig count fell by two to 198 this week. The count for natural gas rigs is now up by 13 year over year. Natural gas for July delivery traded down about 0.6% at around $2.95 per million BTUs, which is up about seven cents compared to last Friday.

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