US oil rigs increase by four in latest week, Baker Hughes says

The number of oil rigs in operation in the States climbed for a fourth consecutive week as crude oil futures held their ground, the results of the most widely-followed survey of activity in the sector revealed.

Onshore oil rigs in operation increased by three to 474, according to data from Baker Hughes, to reach their highest level since late January, but they remained 81 below the level of a year ago.

As of 1928 GMT, front month West Texas Intermediate crude oil futures were up by 0.04% to $48.04 per barrel in NYMEX trading.