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U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, with the rig count rising for a record 19th month in a row, as crude prices soared beyond $100 a barrel for the first time since 2014.
The oil and gas rig count, an early indicator of future output, rose five to 650 in the week to Feb. 25, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
In February, the total oil and gas rig count rose by 40, putting the count up for a record 19th month in a row.
Oil rigs rose by 27 in the month, increasing for an 18th consecutive month, and gas rigs were up 12 in the month, growing for a sixth straight month.
U.S. oil rigs rose two to 522 this week, their highest since April 2020, while gas rigs rose three to 127, their highest since December 2019.
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