New York—The US land oil rig count rose by seven this week as producers, despite the recent oil price fall, have already booked equipment and placed hedges for 2017, according to Baker Hughes weekly rig report Friday. While WTI crude prices have fallen to just over $44/b from over $50/b in mid-April the rig count has continued a steady march higher with the rig count gaining 80 rigs since then to total 763 this week.
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