US oil and gas rig count slips for sixth consecutive week

The number of rigs extracting crude oil and natural gas in the US fell marginally by one unit to 695 last week - the lowest total rig count since April last year, Baker Hughes reported.

PHOTO: Drill rig in northern West Virginia's Marcellus shale formation. Getty Images

This is the first time since July 2020, that the total rig count has declined for the sixth consecutive week.

The oil rig count rose by one unit to 556 last week, while gas rigs fell two to 135 – the lowest count since March 2022.

The oil and gas rig count in the Permian Basin in Texas - the biggest American oil field – dropped by two units to 346.

The total US rig count is down by 38 units from a year earlier.

By Debarati Bhattacharjee

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