Oil rig count climbs for the first time in 3 months

The US oil rig count rose last week for the first time in 11 weeks, according to driller Baker Hughes.

The count rose by 2 to 574. But the combined tally of oil and gas rigs fell by 4 for a second week, to 767.

Last week, the oil driller’s data showed that the oil rig count fell by 6 in the prior period.

Crude oil prices were falling on Friday, after the International Energy Agency said the supply glut was getting worse, and demand would soften in 2016. West Texas Intermediate crude futures in New York fell 3% to as low as $US40.47 per barrel.

Here’s the latest rig-count chart:

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