US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US has declined by one to 552 units last week, according to Baker Hughes.

The number of oil rigs moved higher by two over the week to 414, while gas rigs declined by two to 131.

There were also seven miscellaneous rigs in operation – one lower than the previous week.

The total number of US oil and gas rigs was down by 41, or around 7% compared to a year earlier.

By Aparupa Mazumder

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