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U.S. drillers had 520 rigs up and running this week, according to oil-field services firm Baker Hughes, down from 525 a week earlier. It is the lowest total since March 4, 2022, when the Kremlin’s invasion was sending crude prices skyrocketing.
Benchmark U.S. crude has dipped lower in recent days as a broader rally across markets has stalled, ending a seven-week crude rally that pushed prices to 2023 highs. Front-month West Texas Intermediate futures recently traded around $81 a barrel.
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