US oil rig count drops

The number of total rigs drilling for crude oil and natural gas remained unchanged at 585 units last week, according to Baker Hughes.

The number of oil rigs dropped by two to 480, while gas rigs rose by two to 101.

There were also four miscellaneous rigs in operation, unchanged from the week prior.

The total number of US oil and gas rigs was down by 40 from a year earlier.

By Debarati Bhattacharjee

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