US oil rig count ticks up by 9

The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.

Last week, the oil rig count fell for the first time in four months, by two to 441. The rebound during those months — the longest streak since the oil crash — was small compared to the plunge that preceded it. There are 112 fewer active oil rigs compared to a year ago.

Hopes of a recovery, or at least a stabilisation of prices in the $40-$50 per barrel range, raised demand for drillers’ services in recent months.

The tally of gas rigs rose by three to 117, and miscellaneous rigs were unchanged at two, taking the total rig count up by 12 to 569.

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