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US oil rigs plunge by 94 week on week as WTI rises $3.71/bbl

US oil rigs plunge by 94 week on week as WTI rises $3.71/bbl

HOUSTON (ICIS)--The US rig count fell sharply by 94 week on week and by 199 year on year, reaching 1,223, Baker Hughes said on Friday.

This week's decline was the biggest on records going back to 1987, Reuters reported.

Crude rallied sharply on the same day, with West Texas Intermediate (WTI) settling at $48.24/bbl, up $3.71, and Brent settling at $52.99/bbl, up $3.86.

Still, oil is far from its most recent peak in June, when Brent was $115/bbl.

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