US rig count declines

The number of rigs drilling for crude oil and natural gas fell by six to 594 units last week, the lowest since January 2022, according to Baker Hughes.

The number of oil rigs fell by four to 492, while the natural gas rig count dropped by two to 98, the lowest since October 2021. 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 101, or 15% from a year earlier.

By Debarati Bhattacharjee

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