OIL AND GAS — US energy firms added both oil and natural gas rigs last week for the first time in 10 weeks, according to Baker Hughes.
The rise came after the largest weekly increase in gas rigs since October 2016, pushing the rig count up six to 680 in the July 7 week.
The oil and gas rig count says a lot about future output for the industry. However, the total number of rigs remains well below last year.
In India, the proxy for oil demand, fuel consumption increased by 4.2% year on year in June, while Russian confirmed it is cutting oil supply by 500,000 barrels per day by slowing exports.
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