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The number of active oil and natural gas rigs in the United States rose for the third straight week to 1,986 for the week ending May 18, 2012, climbing 0.6% from last week’s 1,974. The rig count is also up 8.5% from the year-ago level.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada also increased 2.5% to 123 this week from 120 last week, breaking 14 straight weeks of declines.  The rig count is down 14.0% from the year-ago level however.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

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