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Investing.com -- U.S. energy firms added oil and natural gas rigs for a second consecutive week, according to Baker Hughes’ report released Friday.
The total oil and gas rig count, which serves as an early indicator of future output, increased by 1 to reach 549 in the week to November 14, marking its highest level since October 24.
Despite the recent increases, the overall rig count remains 35 rigs, or 6% lower than during the same period last year.
In the breakdown by energy type, oil rigs rose by three to 417 this week, also reaching their highest level since October 24. Meanwhile, gas rigs decreased by three to 125.
The report also noted that the number of miscellaneous rigs increased by one during the week.
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