U.S. rig count falls, oil prices rise slightly.

U.S. energy firms cut the number of oil and gas rigs over the past week to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. The rig count fell in the U.S. to an all-time low of 247 in the week to Aug. 7, according to Baker Hughes Co.—687 rigs, or 74%, below this time last year.

The oil price collapse during the second quarter pushed U.S. operators to curtail significant volumes in April and May, but according to Enverus, most of those companies have reported that shut-in volumes were brought back online in June.

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