The US rig count rose as producers begin to increase spending with crude oil prices holding above $50/bl. The count total rose by 18 to 712, according to weekly data from Baker Hughes, to the highest since 4 December 2015, when the number hit 737. Oil-directed rigs drove the increase, rising by 15 to 566, the highest since 574 in mid-November 2015. Gas-directed rigs rose by three to 145. The total has risen by some 76pc from the end-May number of 404, the lowest in at least three decades.
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