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(Reuters) -U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row to the highest level since June, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to February 21.
Despite this week's rig increase, Baker Hughes said the total count was still down 34, or 5% below this time last year.
Baker Hughes said oil rigs rose by seven to 488 this week, their highest since September, while gas rigs fell by two to 99.
Drillers added five rigs in Oklahoma, bringing the total count to 49, the highest since May 2023, while in West Virginia, they added one rig, bringing the total to 11, the highest since August 2023.
Oil futures ended with losses Friday, turning lower on the week, as crude continued to struggle to break out of a sideways trading pattern.
The U.S. stock market struggled Friday, with the Dow Jones Industrial Average seeing its biggest weekly drop since October as investors assessed a survey showing consumer sentiment soured.
The Dow Jones tumbled 748.63 points on Friday, or 1.7%, to close at 43,428.02.
The S&P 500 dropped 104.39 points, or 1.7%, to finish at 6,013.13.
The Nasdaq Composite slumped 438.36 points, or 2.2%, to end at 19,524.01.
The Dow has now wiped out all its post-inauguration gains, according to Dow Jones Market Data. A survey from the University of Michigan found that consumer sentiment has dropped and consumers have increased their inflation expectations on tariff worries. Other economic data released Friday raised investor concerns over a decline in U.S. services activity in February.
For the week, the Dow retreated 2.5%, the S&P 500 fell 1.7% and the technology-heavy Nasdaq dropped 2.5%. The Dow saw its worst week since the stretch ending Oct. 25, according to Dow Jones Market Data.
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