Oil rig count rises by the most in 6 months

The US oil rig count rose by 11 to 341 this week, the biggest increase since December 2015, according to driller Baker Hughes. 

The tally has now risen for four out of the last five weeks, as rising oil prices encouraged some producers to ramp up production. Last week, the count fell by 7 after climbing during the prior three weeks — the longest streak since last August.

The gas rig count fell this week by 1 to 89, while miscellaneous rigs were unchanged at 1, taking the total up by 10 to 431. 

West Texas Intermediate crude futures in New York were little changed after the data, down 0.2% to $48.30 per barrel.

Here's the latest oil rig count chart:Andy Kiersz/Business Insider

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