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magazine54 oil rigs: biggest increase since 2014
The US rig count on 3 February 2017 posted its biggest four-week gain since April 2014, a time when oil prices had yet to begin their rapid retreat from $100 per barrel.
The data, published by US oil services giant Baker Hughes (BHI:NYSE), shows the total number of oil and gas rigs active in the country is now 729, up 158 year-on-year and up by 54 in just the last four weeks.
This could be positive for London-listed oil service groups with North American exposure like Hunting (HTG), Wood Group (WG.) and Weir (WEIR), although their share prices have already started to factor in a stronger market backdrop.
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