US oil and gas rig count drops for eighth consecutive week

The number of rigs extracting crude oil and natural gas in the US has fallen for the eighth straight week - the longest streak since July 2020, Baker Hughes reported.

PHOTO: An oil field with pump jacks in the US. Getty Images

The oil and gas rig count dropped by five units to 682 last week - the lowest total rig count since April last year.

The oil rig count fell by six units to 548 last week, which was also the lowest since April last year, while the total gas rig count remained unchanged at 130.

The oil and gas rig count in the Permian Basin in Texas - the biggest American oil field – dropped by one unit to 341.

The total US rig count is down by 71 rigs, or 9%, from a year earlier.

By Debarati Bhattacharjee

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