US rig count falls further

The number of rigs drilling for crude oil and natural gas fell by four to 590 units last week, the lowest since January 2022, according to Baker Hughes.

The number of oil rigs fell by four to 488, while the natural gas rig count remained unchanged at 98. There were also four miscellaneous rigs in operation, the same as in the previous week.

The total US oil and gas rig count was down by 97 rigs, or 14% from a year earlier.

By Debarati Bhattacharjee

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