US oil rig count rises, but gas rig count falls

London (Quantum Commodity Intelligence) - The US Oil rig count climbed for the fourth week in a row and the gas rig fell for the third week in row, according to Baker Hughes.

Another three oil rigs were added to being the total to 359 over the week to May 28.

Four rigs were added in Texas and another two in Oklahoma, but there two fewer rigs in Pennsylvania, one less in New Mexico and one less in Colorado.

The US oil rig count has increased by 17 since April 30.

But the gas rig count fell by one to 98 and has fallen every week since May 7 when it was 103.

Canada also added three oil rigs to bring the count to 28 and also a gas rig to bring the total to 34.

The Gulf of Mexico oil rig count was steady at 14.