US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US has declined by two to 547 units last week, according to Baker Hughes.

The total number of oil rigs fell by four over the week to 418, while gas rigs increased by two to 120.

There were also nine miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 39, or about 7% lower, compared to a year earlier.

By Aparupa Mazumder

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