US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US dropped by one to 539 units last week, according to Baker Hughes.

The total number of oil rigs gained by one over the week to 411, while gas rigs declined by one to 123.

There were also five miscellaneous rigs in operation, one less than the previous week.

The total number of US oil and gas rigs was down by 49, or about 8.3% lower, as compared to a year earlier.

By Aparupa Mazumder

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