US rig count drops

The number of total rigs drilling for crude oil and natural gas fell by one to 587 units last week, according to Baker Hughes.

The number of oil rigs fell by four to 484, while gas rigs rose by three to 99.

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 36 rigs or 6%, from a year earlier.

By Debarati Bhattacharjee

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